Kevin Paffrath Buys Multifamily Property In Ventura For $2.48M

The multifamily property located at 40 North Brent Street in Ventura was sold for $2,487,000. The property comprises 8 units with a price per unit of $310,875 and spans 4,400 square feet, resulting in a price per square foot of $565. The deal closed at a capitalization rate of 4.78% and a gross rent multiplier of 13.32.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $2,487,000
• Units: 8
• Price Per Unit: $310,875
• Square Footage: 4,400
• Price Per Square Foot: $565
• Address: 40 North Brent Street
• Market: Ventura

The sale involved Kevin Paffrath as the buyer and Bill Hagelis as the seller. The transaction was facilitated by Filip Niculete, Glen Scher, and Logan Ward of LAAA Team at Marcus & Millichap. The property garnered significant interest, attracting 8 offers and was listed to close in just 24 days. Notably, the sale was an all-cash deal with a brief 9-day escrow period. Additionally, the property was sold with deferred maintenance, and the seller is exchanging into a local fast-food triple-net property.