Sitco Properties Inc Acquires 10-Unit Multifamily Property From Jerome And Jean Oliver For $1.5M

This multifamily property located at 1623 West 39th Place in Los Angeles consists of 10 units, each comprising 1-bedroom and 1-bathroom. The total square footage of the building is 6,552, and it was transacted for a sale price of $1,500,000, resulting in a price per unit of $150,000 and a price per square foot of $228. The property was delivered 50% vacant, presenting a value-add opportunity in a growing area of South Los Angeles.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,500,000
• Units: 10
• Square Footage: 6,552
• Price Per Unit: $150,000
• Price Per Square Foot: $228
• Buyer: Sitco Properties Inc
• Seller: Jerome and Jean Oliver
• Broker: Aaron Es-haghian - Marcus & Millichap

The transaction generated significant interest with a total of 10 offers received within the first two weeks. The sellers chose a Day 1, all-cash, non-contingent offer for a smooth and efficient closing process. The strategic pricing and targeted marketing contributed to the successful sale.