Curtis Boyd Purchases 5-Unit Multifamily Property From Rabbie Banafsheha For $975,000 In San Pedro

This multifamily property located at 1224 South Mesa Street in the San Pedro market features 5 units and has a total building size of 3,559 square feet. The asset sold for $975,000, translating to a price per unit of $195,000 and a price per square foot of $273.95. The property was constructed in 1922 and offers potential for additional dwelling units.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $975,000
• Units: 5
• Building Size: 3,559 SF
• Lot Size: 5,014 SF
• Cap Rate: 6.19%
• GRM: 10.50
• Upside in Rents: 55%
• Price/Unit: $195,000
• Price/SF: $273.95
• Year Built: 1922
• ADU Potential: Yes

The buyer of the property is Curtis Boyd, while the seller is Rabbie Banafsheha. Chase Simonton and Mike Torres from Re/Max represented the seller and buyer respectively, and Rabbie Banafsheha was represented by Marcus & Millichap in this transaction. The sale was completed in just 32 days and involved multiple non-contingent offers generated through targeted marketing and outreach to local investors.