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Marcus & Millichap Sells Miracle Mile Multifamily For $2.2M

613 South Detroit Street
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This MultiFamily property located in CA was sold for $2,200,000 almost 5 years ago. The brokers of the deal were Nicholas Aiello, Glen Scher, and Filip (Fil) Niculete

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.

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Deals
  • Location
    613 South Detroit Street, Central LA, Los Angeles, CA, USA613 South Detroit Street, Central LA, Los Angeles, CA, USA
  • Sale Price
    $2,200,000$2,200,000
    $337 PPSF$337 PPSF
  • Area
    6,528 SF6,528 SF
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    3 Brokers, 2 Agencies3 Brokers, 2 Agencies

Agents

Glen Scher

Glen Scher

Deals161
Sold$624.5M

Nicholas Aiello

Nicholas Aiello

Deals2
Sold$5.4M

Agencies

Compass

Compass

Agency
Deals2901
Volume$20.9B

Marcus & Millichap

Marcus & Millichap

Agency
Deals6999
Volume$66B

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Deal Summary

SALE IMAGE: Filip Niculete, Glen Scher & Nicolas Aiello @laapartmentadvisors DATE: 06/17/2019 ADDRESS: 613 S Detroit St MARKET: Miracle Mile ASSET TYPE: Multifamily PRICE: $2,200,000 SF: 6,528 PPSF: $337.11 UNITS: 6 PPU: $366,667 CAP: 2.84% GRM: 20.87 BROKERS: Filip Niculete, Glen Scher & Nicolas Aiello - Marcus & Millichap

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613 South Detroit Street

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