Marcus & Millichap Sells South Westmoreland Avenue Property For $9.6M

The property located at 523 South Westmoreland Avenue has been sold for a total price of $9,575,000. The transaction took place on November 21, 2018. The property spans over 10,200 square feet, resulting in a price per square foot of $316. It consists of 56 units and was sold at an average price per unit of $170,982. The capitalization rate for this transaction is 3.68% with a gross rent multiplier of 13.21.

Summary of transaction details

• Property Type: SALE
• Transaction Amount: $9,575,000
• Square Footage: 10,200
• Price per Square Foot: $316
• Number of Units: 56
• Price per Unit: $170,982
• Capitalization Rate: 3.68%
• Gross Rent Multiplier: 13.21

The sale of the property was facilitated by broker Sean Rosenzweig from Marcus & Millichap. He represented either the buyer or seller in the transaction, acting as their representative.