ENCINO, CA – August 8, 2014 – (RealEstateRama) — West L.A.’s Kevin Kawaoka, CCIM & Mario Gandara with NAI Capital’s Bluechip Investment Group represented the Seller, Likan LLC, and the Buyer, Fordcraw LLC, in the sale and purchase of a 14 unit multifamily property located at 3249-3253 Marine Ave in Gardena, CA. The value of the sales transaction was $2 million dollars.
The team said, “We were able to obtain 100% of asking price for the seller which enabled them to 1031 exchange into a property that better suited their investment needs. At the time of the sale, the property traded at 5.8% cap rate and 142k per unit. The buyer will benefit from making upgrades to the units which will steadily increase their cash flow. This deal illustrates the on-going demand for value-added multifamily product in B markets throughout the Greater Los Angeles area.”
The two-story apartment building complex, built in 1958, consisted of all two-bedroom units with hardwood floors. The property features a newly refinished pool, 2 laundry rooms and was well maintained at the time of sale.
About NAI Capital
NAI Capital is a leading Southern California commercial real estate firm headquartered in Encino, California. With 14 offices throughout Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties, NAI Capital is the Southern California member of NAI Global, a premier real estate service network in 55 countries with 375 local offices and 6,700 local market leaders spanning the globe. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. Our extensive services include: multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. To learn more, visit www.naicapital.com NAI Capital Brokerage BRE #00806840.
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