Devin Stevens Acquires South Los Angeles Multifamily For $1.1M

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.