Yuet Man Kwong & Po Yuk Cheng Acquire Multifamily Property In East Los Angeles For $1.75M

Located at 1001 Simmons Ave in East Los Angeles, this multifamily property was recently sold in a closed transaction. The property consists of 7 units with a total square footage of 2,907. The sale price for this asset was $1,750,000, resulting in a price per unit (PPU) of $250,000. The price per square foot (PPSF) was $601. The Gross Rent Multiplier (GRM) was 14.55x, and the Capitalization Rate (CAP) was 4.52%.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,750,000
• Units: 7
• PPU: $250,000
• Square Footage: 2,907
• PPSF: $601
• GRM: 14.55x
• CAP: 4.52%

The buyers of this property are Yuet Man Kwong and Po Yuk Cheng, while the sellers are Jonathan R. DeLeon and Aida Coronado-Deleon. The buyer's representative in this transaction was Paul Siu from Keller Williams Signature. The seller's representatives were Aida Memary Scher, Glen Scher, and Filip Niculete from the LAAA Team at Marcus & Millichap.

This sale marks an all-time record price for a 5+ unit multifamily property in East Los Angeles. With a price per unit of $250,000 and a price per square foot of $601, it signifies a strong market demand in this area. The transaction closed at a capitalization rate of 4.52% and a Gross Rent Multiplier of 14.55x.

Note from the broker: This property consists of 7 units and is located in East LA.