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Joanna Jiayi & Fangbin Wu Acquire Multifamily Property In Santa Monica For $5.9M

1434 10th Street
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This MultiFamily property located in CA was sold for $5,900,000 over 3 years ago. The brokers of the deal were Aida Memary Scher, Sam Liberow, Matt Ziegler, Glen Scher, and Filip (Fil) Niculete

A multifamily property located at 1434 10th St. in Santa Monica has been sold for $5,900,000. The property consists of 10 units with a total square footage of 8,144. The price per square foot is $724, and the price per unit is $590,000. The Gross Rent Multiplier (GRM) for the property is 14.75x, and the Capitalization Rate (CAP) is 4.82%. This sale marks the second-highest price per unit ever and the fifth-highest price per square foot ever for rent-controlled multifamily properties in the 90401 area, outside of Downtown Santa Monica.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $5,900,000
  • Address: 1434 10th St.
  • Market: Santa Monica

The buyers of the property are Joanna Jiayi and Fangbin Wu, while the sellers are James R. Gortikov and Bryan S. Gortikov. The deal was facilitated by brokers Sam Liberow, Filip Niculete, Glen Scher, Aida Memary Scher, and Matt Ziegler. The transaction took place on July 21, 2021.

It is noteworthy that this sale achieved the highest price per square foot ever for rent-controlled multifamily properties in the 90401 area, outside of Downtown Santa Monica. This highlights the desirability and value of the property in the Santa Monica market.

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Deals
  • Location
    1434 10th St, Santa Monica, CA, USA1434 10th St, Santa Monica, CA, USA
  • Sale Price
    $5,900,000$5,900,000
    $724 PPSF$724 PPSF
  • Area
    8,144 SF8,144 SF
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    5 Brokers, 1 Agency5 Brokers, 1 Agency

Agents

Matt Ziegler

Matt Ziegler

Deals13
Sold$102.4M

Glen Scher

Glen Scher

Deals161
Sold$624.5M

Agency

Marcus & Millichap

Marcus & Millichap

Agency
Deals6999
Volume$66B

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Deal Summary

SALE IMAGE: Glen Scher, Sam Liberow, Filip Niculete, Matt Ziegler & Aida Memary Scher DATE: 07/21/2021 ADDRESS: 1434 10th St. MARKET: Santa Monica ASSET TYPE: Multifamily BUYER: Joanna Jiayi & Fangbin Wu SELLER: James R. Gortikov & Bryan S. Gortikov BROKERS: Sam Liberow, Filip Niculete, Glen Scher, Aida Memary Scher & Matt Ziegler SALE PRICE: $5,900,000 UNITS: 10 ~ PPU: $590,000 SF: 8,144 ~ PPSF: $724 GRM: 14.75x CAP: 4.82% NOTES: 10 Units. Santa Monica Selling Numbers $724.46 per SqFt. $590,000 per Unit CoStar's All Time Sale Statistics for Rent Controlled Multifamily in 90401: 2nd Highest Price per Unit Ever 5th Highest Price per SqFt Ever 1st Highest Price per SqFt Ever Outside of Downtown Santa Monica

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1434 10th Street

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