Joanna Jiayi & Fangbin Wu Acquire Multifamily Property In Santa Monica For $5.9M

A multifamily property located at 1434 10th St. in Santa Monica has been sold for $5,900,000. The property consists of 10 units with a total square footage of 8,144. The price per square foot is $724, and the price per unit is $590,000. The Gross Rent Multiplier (GRM) for the property is 14.75x, and the Capitalization Rate (CAP) is 4.82%. This sale marks the second-highest price per unit ever and the fifth-highest price per square foot ever for rent-controlled multifamily properties in the 90401 area, outside of Downtown Santa Monica.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $5,900,000
• Address: 1434 10th St.
• Market: Santa Monica

The buyers of the property are Joanna Jiayi and Fangbin Wu, while the sellers are James R. Gortikov and Bryan S. Gortikov. The deal was facilitated by brokers Sam Liberow, Filip Niculete, Glen Scher, Aida Memary Scher, and Matt Ziegler. The transaction took place on July 21, 2021.

It is noteworthy that this sale achieved the highest price per square foot ever for rent-controlled multifamily properties in the 90401 area, outside of Downtown Santa Monica. This highlights the desirability and value of the property in the Santa Monica market.