Eric Chen & Blake Torgerson Broker 7440-7458 Magnolia Multifamily Sale In Riverside For $5.44M

A multifamily property located at 7440-7458 Magnolia Avenue in Riverside was recently sold. The transaction took place on 02/23/2021 and was facilitated by brokers Eric Chen and Blake Torgerson. The property consists of 32 units with a total square footage of 19,222. The sale price for this multifamily asset was $5,440,000, resulting in a per unit price of $170,000. The price per square foot was $283, and the cap rate for the property was recorded at 4.42%.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $5,440,000
• Address: 7440-7458 Magnolia Avenue, Riverside
• Market: Riverside
• Brokers: Eric Chen - Blake Torgerson
• Units: 32
• Price per unit: $170,000
• Square Footage: 19,222
• Price per square foot: $283
• Cap Rate: 4.42%

Eric Chen and Blake Torgerson served as the brokers for this transaction. They played an essential role in connecting the buyer and seller and facilitating the successful sale of the multifamily property in Riverside. Their expertise in the market and negotiation skills contributed to the overall smoothness of the deal.