- calendar_month January 16, 2025
- folder Real Estate
2024 Multifamily Market Year-End Review
We are proud to present our comprehensive analysis of the 2024 multifamily market. 2024 was a year that defined , diverse trends across key markets in Southern California, highlighting both challenges and opportunities for investors, developers, and brokers alike. Below, we’ve summarized key performance metrics for the markets we’ve analyzed, providing valuable insights to guide your strategic decisions.
Burbank
- Total Transactions: 31
- Sales Volume: $79 Million
- Total Units Sold: 285
- Average CAP Rate: 4.3%
- Sales Price Per Unit: $277,043
- Median Price/SF: $426.69
- Median GRM: 16.5
Burbank’s market showcased strong fundamentals with consistent demand, a stable CAP rate, and robust pricing metrics. Its reputation as a desirable locale continues to attract investors despite a slightly higher GRM compared to other areas.
Glendale
- Total Transactions: 58
- Sales Volume: $157,465,974
- Total Units Sold: 485
- Average CAP Rate: 4.3%
- Sales Price Per Unit: $340,835
- Median Price/SF: $274.12
- Median GRM: 14.2
Glendale emerged as a vibrant multifamily market in 2024, with a substantial number of transactions and competitive pricing. Its relatively moderate GRM indicates strong rental income potential relative to property values.
West Hollywood
- Total Transactions: 26
- Sales Volume: $73,981,246
- Total Units Sold: 251
- Average CAP Rate: 4.9%
- Sales Price Per Unit: $328,806
- Median Price/SF: $436.96
- Median GRM: 13.4
West Hollywood continues to command premium pricing per square foot, reflecting the area’s high demand and desirable location. The higher CAP rate indicates greater income-producing potential for investors.
Van Nuys
- Total Transactions: 30
- Sales Volume: $76,367,486
- Total Units Sold: 396
- Average CAP Rate: 5.0%
- Sales Price Per Unit: $192,847
- Median Price/SF: $267.66
- Median GRM: 11.7
Van Nuys presented one of the most attractive opportunities for investors in 2024, with a favorable balance of price per unit and CAP rate. This market’s lower GRM suggests a compelling case for income-focused acquisitions.
North Hollywood
- Total Transactions: 59
- Sales Volume: $359,756,742
- Total Units Sold: 1,341
- Average CAP Rate: 5.2%
- Sales Price Per Unit: $268,275
- Median Price/SF: $295.63
- Median GRM: 13.3
North Hollywood stood out as a high-transaction market, with exceptional sales volume and unit turnover. The higher CAP rate and competitive pricing metrics underscore the area’s strong potential for long-term growth and rental income.
Contact Me for Personalized Insights
We hope this report provides you with a clear understanding of the multifamily market’s performance in 2024. If you have specific questions about your preferred market or need detailed insights tailored to your investment goals, our team is here to assist you.
If you own a multifamily asset and would like a Broker’s Price Opinion (BPO) valuation, don’t hesitate to contact me directly. We look forward to helping you maximize the value of your real estate investments in 2025 and beyond.
