Farrokh Keyvan Buys Multifamily Building At 1937 17th Street Santa Monica For $2,020,000

The property involved in this transaction is a multifamily asset located at 1937 17th Street in Santa Monica. It features a total of 6 units within a building constructed in 1948, encompassing a total square footage of 4,840. The asset was sold for a total price of $2,020,000, which translates to approximately $336,667 per unit and $417 per square foot. The building is situated on a 7,746 square foot SMR2 zoned lot, conveniently located within walking distance of Santa Monica College, Whole Foods, the Pico corridor, and the Bergamot Expo Line station.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $2,020,000
• Buyer: Farrokh Keyvan
• Seller: Ante Trinidad
• Units: 6
• Price Per Unit: $336,667
• Total Square Feet: 4,840
• Price Per Square Foot: $417
• Cap Rate: 5.98%

The deal was handled by The James Group, which consists of brokers Peter James, William James, and Danny Stein from Lyon Stahl Investment Real Estate. The buyer, an all-cash 1031 exchange buyer, was particularly interested in the property's unit mix, including one 3-bedroom and five 2-bedroom units. Notably, four of the units were delivered vacant, offering immediate upside potential for leasing at market rents.