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Marcus & Millichap's LAAA Team Sells Santa Monica Multifamily Property For $4.1M

Property Image
SOLD
$4,100,000
Glen Scher
Aida Memary Scher
Filip Niculete

California

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MultiFamily8,875 SF
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Property Image
SOLD

Marcus & Millichap's LAAA Team Sells Santa Monica Multifamily Property For $4.1M

2683 34th St, Santa Monica, CA, USA

See Similar Deals
MultiFamily8,875 SF
Sold 10/13/2020
Glen Scher
Aida Memary Scher
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Summary

CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$462
Total Square Footage:8,875 SF
Transaction Type:Sale

An all cash transaction for a multifamily property located at 2683 34th St in Santa Monica has been closed. The property consists of 12 units and was sold for a price of $4,100,000. The price per square foot comes out to be $660.44. The sale took place during the COVID-19 pandemic and the buyer opened escrow fully non-contingent. The transaction was completed in an 18-day escrow period and generated multiple offers. It is worth mentioning that the seller is exchanging out of state.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $4,100,000
  • Units: 12
  • Price per Square Foot: $660.44
  • Market: Santa Monica

The Marcus & Millichap LAAA team, represented by Aida Memary, Filip Niculete, and Glen Scher, served as the brokers for this deal.

Players

Filip Niculete
Marcus & Millichap
Filip Niculete
196 deals$785.1M volume
BROKER
Glen Scher
Marcus & Millichap
Glen Scher
190 deals$738.1M volume
BROKER
Aida Memary Scher
Marcus & Millichap
Aida Memary Scher
23 deals$90.8M volume
BROKER

Details

SOLD
IMAGE: Aida Memary, Glen Scher & Filip Niculete @LAAATeam DATE: 10/13/2020 ADDRESS: 2683 34th St MARKET: Santa Monica ASSET TYPE: Multifamily BROKERS: Aida Memary, Filip Niculete, Glen Scher - Marcus & Millichap LAAA Team SALE PRICE: $4,100,000 UNITS: 12 ~ PPSF: $660.44 NOTE: All Cash Transaction 18 Day Escrow Buyer Opened Escrow Fully Non-Contingent, Closed During COVID-19 Pandemic, Generated Multiple Offers, Seller is Exchanging out of State

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$218,666.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$14,566.44
Cash-on-Cash Return-1.27%
Monthly Debt Service$19,436.09
Annual Debt Service$233,233.10