Rabbie Banafsheha Purchases Multifamily Asset From Laurie Salit In Los Angeles For $1.61M

The multifamily property located at 8553 Alcott Street in Los Angeles has been successfully sold for $1,610,000. This asset features a total of 7,000 square feet and consists of 8 units, each with 1 bedroom and 1 bathroom. The transaction indicates a price per square foot of $230.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,610,000
• Address: 8553 Alcott Street
• Market: Los Angeles
• Total Square Footage: 7,000
• Units: 8
• Price/Unit: $201,250
• Price/SF: $230
• GRM: 12.85
• Cap Rate: 4.07%
• Lot Size: 8,271 SF
• Year Built: 1930
• Buyer: Rabbie Banafsheha
• Seller: Laurie Salit
• Buyer's Representative: Michael Torres & Chase Simonton - Re/Max

This transaction highlights the successful efforts of Re/Max in representing the buyer, who was able to close the deal with all cash. The previous listing price was $2,100,000, and the property had two vacancies, demonstrating a significant opportunity for value add in a desirable location. The buyer’s representatives tracked the deal for four months, overcoming multiple escrows and the need for court confirmation to complete the sale.