Michael Elkin Acquires Multifamily Property In Redondo Beach For $1.98M

Ana Sporrong, John Katnik, Mike Hanassab, and Elliot Hassan represented both the buyer and the seller in the sale of a multifamily property located at 2408 Mathews Ave in Redondo Beach. The property was on the market for less than 10 days and sold for a price of $1,985,000. It offers a total of 3,500 square feet of space, resulting in a price per square foot of $567.14. The deal closed with a capitalization rate of 3.7%.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,985,000
• Address: 2408 Mathews Ave, Redondo Beach
• Market: Redondo Beach
• Square Footage: 3,500
• Price Per Square Foot: $567.14
• Capitalization Rate: 3.7%

In this transaction, Michael Elkin purchased the property from Paul Isley. The buyer, Elkin, was able to negotiate no loan or appraisal contingency. The seller, Isley, utilized a 1031 Exchange to increase his cash flow by over 100%. The deal was facilitated by Ana Sporrong, John Katnik, Mike Hanassab, and Elliot Hassan.