Updated Dec 21, 2023
Marcus & Millichap Sells Miracle Mile Multifamily For $2.2M
613 South Detroit Street, Central LA, Los Angeles, CA, USA
$2,200,000
$337/SF
Building Size
6,528 SF
Asset Type
MultiFamily
Closing
Jun 16, 2019
About this deal
AI
Located in the Miracle Mile market, a multifamily property at 613 S Detroit St recently changed hands. The transaction took place on June 17, 2019, and was facilitated by Filip Niculete, Glen Scher, and Nicolas Aiello of Marcus & Millichap. The property spans 6,528 square feet, with a total of 6 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $2,200,000
- Price per Square Foot: $337.11
- Total Units: 6
- Price per Unit: $366,667
- CAP Rate: 2.84%
- GRM: 20.87
As the buyer, the new owner acquired this multifamily property at a price of $2,200,000. With a CAP rate of 2.84% and a gross rent multiplier (GRM) of 20.87, the property offers potential for future income growth. Filip Niculete, Glen Scher, and Nicolas Aiello of Marcus & Millichap represented the buyer in this transaction, ensuring a smooth process for all parties involved.
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
7.21%
Cash-on-Cash
-2.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93