Mike Nijjar Acquires Multifamily Property In Colton For $3.19M

The multifamily property located at 580 West E Street in Colton was recently sold. The property consists of 22 units with a total square footage of 12,030. The sale price for this transaction was $3,190,000, resulting in a price per unit of $145,000. The price per square foot was calculated to be $265. The Gross Rent Multiplier (GRM) was determined to be 10.91x, while the Capitalization Rate (CAP) stood at 5.20%.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $3,190,000
• Address: 580 West E Street
• Market: Colton
• Units: 22
• Price per Unit (PPU): $145,000
• Square Footage (SF): 12,030
• Price per Square Foot (PPSF): $265
• Gross Rent Multiplier (GRM): 10.91x
• Capitalization Rate (CAP): 5.20%

The buyer of the property was Mike Nijjar, while the seller was David Kaplan. The deal was facilitated by brokers Eric Chen, Blake Torgerson, and Melinda Russell.