Jeremiah Riverwater Acquires Multifamily Property From Bryan & Lynn Utterback For $2.9M

The property asset involved in this transaction is a multifamily building located at 11943 Kiowa Avenue in the Los Angeles market. The asset has a total of 8 units and encompasses a square footage of 7,894. It was sold for a total price of $2,900,000, resulting in a price per unit of $362,500 and a price per square foot of $367. The capitalization rate for this property stands at 4.41%, with a gross rent multiplier of 13.57.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $2,900,000
• Units: 8
• Square Footage: 7,894
• Price Per Unit: $362,500
• Price Per Square Foot: $367
• Capitalization Rate: 4.41%
• Gross Rent Multiplier: 13.57
• Buyer: Jeremiah Riverwater
• Seller: Bryan & Lynn Utterback
• Brokers: Michael Monempour & Oliver Shadgou - Lyon Stahl Investment Real Estate

The deal was facilitated by the brokerage team of Michael Monempour and Oliver Shadgou from Lyon Stahl Investment Real Estate, who represented the transaction between buyer Jeremiah Riverwater and sellers Bryan & Lynn Utterback.