Investment Sale 4Plex Reaches Highest Price Per Unit in Redondo Beach History, East of the Esplanade
Los Angeles (Sept. 19, 2016) – The El Segundo Office of Coldwell Banker Commercial Advisors (CBC Advisors) announced Jonathan Nikfarjam, Managing Principal–Multi-Family Investment Sales and sales associate, GianLuca Jacoli, arranged the record sale of a multi-family investment property in Redondo Beach, Calif. A sourced international buyer, paying all cash, purchased the 4-unit property with a final sale price of $2,879,500. The $719,875 per unit price totals the highest amount paid for a 4Plex in Redondo Beach history, east of the Esplanade. This record breaking sale closed at over $945 per rentable square foot, a 32.29 gross rent multiplier, and a 1.56% cap rate.
“Through our comprehensive marketing platform and large broker network we were able to create a competitive bidding atmosphere which resulted in several full price and above asking price offers,” said Nikfarjam. “This is a great example of how the demand for well located, non-rent controlled, beach city real estate has been incredibly strong – and so strong that local investors are being forced to compete alongside foreign investors.”
Nikfarjam and Jacoli specialize in multi-family investment sales throughout Southern California with an emphasis in the Los Angeles County and South Bay cities. Over the past few years, this duo has been ranked amongst the most active South Bay multifamily agents, leading the charts with other high priced sales, as they continue to raise the bar.