Updated Dec 19, 2023
Devin Stevens Acquires South Los Angeles Multifamily For $1.1M
324 West 51st Street, Los Angeles, CA 90037
$1,095,000
$279/SF
Building Size
3,916 SF
Asset Type
MultiFamily
Closing
Oct 29, 2021
About this deal
AI
A multifamily property located at 324 W. 51st St. in South Los Angeles has been sold for $1,095,000. The property consists of 4 units with a total square footage of 3,916. The sale price per unit is $273,750, and the price per square foot is $279. The transaction took place on October 29, 2021.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $1,095,000
- Address: 324 W. 51st St.
- Market: South Los Angeles
The buyer of the property is Devin Stevens, while the seller is Fred Shadpour. The deal was facilitated by brokers Filip Niculete, Glen Scher, and Jordan Epstein from the LAAA Team at Marcus & Millichap.
The property, which is fully vacant, presents an opportunity for value-add investment. It will be delivered with RTI (Ready to Issue) plans to remodel the existing units and build 2 additional dwelling units (ADUs). The transaction was closed at the list price.
On the Map
$1,095,000
$279/SF
MultiFamily
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Players
Los Angeles MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
14.49%
Cash-on-Cash
-4.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93