Harris Goodison Acquires Multifamily Property In Manhattan Beach For $4.5M

A multifamily property located at 1826-1828 12th St in Manhattan Beach has been sold. The property consists of 10 units and spans a total of 6,384 square feet. The sale took place on 02/17/2023.

Summary of transaction details

• Property Type: Multifamily
• Sale Price: $4,500,000
• Units: 10
• Square Footage: 6,384
• Market: Manhattan Beach

The buyer of the property is Harris Goodison, while the seller is Frank Moll. The transaction was facilitated by Filip (Fil) Niculete and Glen Scher from Marcus & Millichap LAAA Team. The property was sold for $4,500,000, with a price of $450,000 per unit and $704.89 per square foot. The capitalization rate (CAP Rate) was 4.15%, and the gross rent multiplier (GRM) was 15.73.

The property transaction generated a total of 16 offers. It was sold with deferred maintenance, and the buyer assumed the seller's loan from Chase Bank. This deal provided an opportunity to acquire a multifamily property with potential for improvement.