Moshe Kashani Acquires 8-Unit Beverly Glen Multifamily For $3.8M

The multifamily property located at 1610 S. Beverly Glen Blvd has been sold for a price of $3,800,000. The property spans across 9,720 square feet, resulting in a price per square foot of $391. It consists of 8 units, with an average price per unit of $475,000. The capitalization rate for the property is 3.56%, and the gross rent multiplier is 17.3.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $3,800,000
• Address: 1610 S. Beverly Glen Blvd

The buyer of the property is Moshe Kashani, while the seller is Claire Ross, the Executor of the Estate of William A. Mickelson. The deal was facilitated by brokers Michael Monempour and Ramin Gheitanchi from Westside Apartment Specialists, who represented both the buyer and the seller in the transaction.

Notably, the property comprises a unit mix of two 1-bedroom/1-bathroom units, three 2-bedroom/2-bathroom units, and one 3-bedroom/3-bathroom unit. Additionally, it includes two penthouses, one with a 1-bedroom/1-bathroom layout and the other with a 3-bedroom/3-bathroom layout, featuring a rooftop lounge. Despite the challenges posed by the COVID-19 pandemic, the property was listed and sold at the full listing price. The buyer, Moshe Kashani, submitted a non-contingent offer and purchased the property in its AS-IS condition. It's important to note that the property had significant deferred maintenance, including the need for a soft-story retrofit.