Earle Hyman, Aida Memary Scher, Glen Scher & Filip Niculete Of Marcus & Millichap Sell 22-Unit Multifamily In Santa Monica For $7.2M

The property involved in the transaction is a 22-unit multifamily asset located at 2727 3rd Street in Santa Monica's Ocean Park neighborhood. The sale was executed for a total of $7,200,000, translating to $327,273 per unit and covering a square footage of 17,020, which results in a price per square foot of $423. The property was offered for the first time since its construction in 1969.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $7,200,000
• Units: 22
• Price per Unit: $327,273
• Square Footage: 17,020
• Price per Square Foot: $423
• Market: Santa Monica

Joubin Manoochehri represented the buyer in this transaction, while the seller was represented by Earle Hyman, Aida Memary Scher, Glen Scher, and Filip Niculete from The LAAA Team of Marcus & Millichap. The team successfully navigated complex rent control and due diligence matters, resulting in an accepted offer just 15 days after launching the property.