Mark Habibi Acquires 8-Unit Multifamily Property In Santa Monica For $3.35M

The multifamily property located at 1528 10th Street in Santa Monica, CA has been sold in a recent transaction. The property consists of 8 units and was built in 1956. With a total of 6,479 square feet, the property is subject to Santa Monica Rent Control regulations. The sale generated significant interest, resulting in 3 offers within a span of 7 days. One of the offers was fully non-contingent, showcasing the attractiveness of the property. The final sale price for the property was $3,350,000, equating to approximately $418,750 per unit and $517 per square foot. The capitalization rate (CAP) for the transaction was 4.06% and the Gross Rent Multiplier (GRM) was 15.96.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $3,350,000
• Buyer: Mark Habibi
• Seller: David Miller
• Brokers: Filip Niculete, Glen Scher, and Aida Memary Scher - LAAA Team - Marcus & Millichap
• Units: 8
• Price per Unit (PPU): $418,750
• Square Footage (SF): 6,479
• Price per Square Foot (PPSF): $517

The buyer, Mark Habibi, and the seller, David Miller, were represented by the LAAA Team from Marcus & Millichap, including brokers Filip Niculete, Glen Scher, and Aida Memary Scher. Their expertise and efforts contributed to a successful sale of the property. Furthermore, it is worth noting that the seller is exchanging into a single tenant NNN (Triple Net) property, indicating a strategic move in their investment portfolio.