The Azzi Group of Marcus & Millichap has completed the sale of a 45-unit multifamily property located at 6121 Woodman Ave. in Van Nuys. The apartment building traded for $9 million, equating to $200,000 per unit, at a reported cap rate of 5.66%. According to marketing details from The Azzi Group, the transaction closed at 93% of the asking price, underscoring how buyer and seller expectations ultimately aligned on pricing.
Marcus & Millichap professionals Tony Azzi, president and founder of The Azzi Group, and Kristen Sullivan, director of investments, represented the seller in the disposition and also procured the buyer. The dual representation structure placed the brokerage team at the center of both sides of the deal, managing the marketing process and negotiations through closing.
The property was originally built in 1970 and occupies a 35,910-square-foot site in what is described as one of the most active rental markets in the San Fernando Valley. The building itself totals 38,766 square feet and offers a balanced unit mix of studios, one-bedroom, and two-bedroom apartments. The Azzi Group reports that in-place rents provide approximately 37% rental upside, highlighting the asset’s value-add profile for the buyer through future renovations and operational improvements.
Beyond the on-site fundamentals, the property benefits from its proximity to several major regional transportation arteries, including the 405, 101, and 170 freeways. This access connects residents to key employment centers and established shopping corridors across the San Fernando Valley and broader region. These locational attributes contribute to the building’s appeal in a market that is characterized as both active and competitive on the rental side.
The apartment community was also featured on ApartmentBuildings.com as part of its marketing exposure prior to the sale. The combination of online listing visibility, demonstrated rental upside, and a going-in cap rate of 5.66% framed the opportunity for investors assessing income growth potential alongside current cash flow in the Van Nuys multifamily market.
