Multifamily Duplex Sells in Hermosa Beach For Nearly $1.2 Million

Jonathan Nikfarjam and Luca Jacoli of CBC Advisors Brokers Sale

Hermosa Beach, CA (July 6, 2017)Jonathan Nikfarjam, managing principal of multifamily investment sales, and Luca Jacoli, Senior Associate of Multifamily Investment Sales, at Coldwell Banker Commercial Advisors (CBC Advisors) El Segundo Office arranged the sale of a duplex at 1430 Bonnie Brae Street in Hermosa Beach, CA. The duplex sold for a final sale price of $1,180,000 in at $812 per square feet and $590,000 per unit. The property sold at a gross rent multiplier of 42.75 and a cap rate of 0.44%. The duplex was sold under a 1031 Exchange to a buyer with no loan contingency and no appraisal contingency. The property was sold as-is without any credits or repairs.

“Our team was able to represent both the buyer and seller in this 1031 exchange,” said Nikfarjam. “This was a unique opportunity for a value-add investor to go in and reconfigure floor plans and renovate the asset to increase rents along with the overall property value.”

Jacoli added, “For small income residential assets, many owner-occupier buyers can get quickly turned off from deferred maintenance or will want units delivered vacant to avoid dealing with tenant relocation. We found the right buyer who provided the seller with their preferred transaction terms.”

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, Nikfarjam and Jacoli have been ranked among the most active South Bay multifamily agent teams and were recognized in 2017 by the Los Angeles Business Journal as Los Angeles’s “Top Multifamily Brokerage Team.”