Property Details
Executive Summary
The Neema Group of Marcus & Millichap is pleased to present 1041 S Corning Street, a 15-unit (plus one non-conforming single unit) multifamily investment opportunity, located in the coveted Pico Robertson neighborhood. The property sits west of La Cienega Boulevard just south of Olympic Boulevard, a few blocks from Beverly Hills. Built in 1962, the property spans approximately 16,234 SF on a 12,270 SF lot.
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Offered at $4,700,000 ($313,333/unit, $289.52/ SF), reflecting a 5.50% current cap rate and 10.48 GRM on in-place income. A diverse unit mix of two one-bedroom units, twelve two-bedroom/ two-bath units, one three-bedroom/three-bath unit, and one single, non-conforming unit caters to a wide range of renter profiles. caters to a wide range of renter profiles.
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The property offers a gated entrance with an intercom system, along with a gated parking garage, providing tenants with a secure, controlled-access living environment. Private balconies are featured on the front and rear of the property add livability and appeal relative to competing product.
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The property is separately metered for gas and electric. Approximately 9 units have been remodeled with select units featuring new AC Systems.
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On-site community laundry, equipped with two washers and two dryers. The property offers 16 parking spaces, a notable amenity in the submarket that supports tenant demand and provides the new owner with upside potential through increased parking revenue.
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The property has experienced healthy natural turnover with limited legacy tenancy, supporting a faster path to market rents for a new owner. Situated in a high-demand, competitive rental submarket just below Olympic Boulevard and west of La Cienega, the property benefits from strong and consistent tenant demand.
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Several new construction developments along the block signal continued investment and reinvestment in the immediate area, reinforcing long-term value in the location. Pico Robertson remains a tightly held, highly desirable submarket with limited turnover among comparable multifamily assets, offering a rare opportunity to acquire scale just blocks from Beverly Hills.
The Success Story
The family had owned 1041 S Corning Street for years as part of a larger portfolio. By the time they brought it to us, they had already started a reverse 1031 exchange, so the clock was running. A strong price wouldn’t mean much if the deal fell apart in escrow. They needed it to close on time.
The building is a 1962 property in Pico-Robertson with 15 legal units plus one non-conforming unit. Owners there rarely sell, but 2026 buyers were careful and priced off today’s rents. With about nine units remodeled and the rest not, every buyer had to work through a mixed rent roll.
We launched in late July and led with what buyers could verify: separate gas and electric meters, 16 parking spaces, a gated entry and garage, and steady natural turnover. We also cold-called local operators who fit the building, and one of those calls turned into the buyer.
Within six weeks we had five offers. We chose the buyer most likely to close on our client’s timeline and went under contract in early September.
Two weeks later, rates spiked. By mid-September the 10-year Treasury had crossed 5%, the Fed raised rates on September 16, and the 10-year soon hit 5.31%, its highest in more than two decades. Our buyer was financing, so every move made his numbers tighter. This is usually when buyers ask for a price cut or walk away.
We stayed on top of escrow from start to finish, and the buyer held his price. The sale closed on October 21, 2026, at $4,350,000, with no re-trades, and our client completed their exchange as planned.
