Updated Oct 29, 2024
KB Home Acquires 13.5-Acre Former Swap Meet Site In El Monte For $24M
2540 Rosemead Blvd South El Monte, CA 91733, USA
$24,000,000
Building Size
—
Asset Type
Commercial
Closing
Jul 21, 2023
About this deal
AI
The former Starlite Swap Meet site in El Monte, California, has been sold for $24 million to KB Home, a national homebuilder. The 13.5-acre parcel was rezoned for housing due to housing shortages in the San Gabriel Valley. KB Home plans to build up to 200 new homes on the property, taking advantage of the new zoning.
Summary of transaction details
- Property Type: Commercial
- Transaction Amount: $24,000,000
- Address: 2540 Rosemead Boulevard, El Monte
- Market: El Monte
- Acres: 13.5
Nick Peukpiboon & Rudy Lara from Daum Commercial represented both the buyer, KB Home, and the seller, Starlite Swap Meet Group, in this transaction. Their expertise in the real estate market was instrumental in bringing the deal to a successful close.
On the Map
$24,000,000
Commercial
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.66%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93