Marcus & Millichap Sells Miracle Mile Multifamily For $2.2M

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.