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Mainspring Equities Acquires Development Site In East Hollywood For $13.95M

Property Image
SOLD
$13,950,000

California

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Development Site45,000 SF
Sold 02/28/2021
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Property Image
SOLD

Mainspring Equities Acquires Development Site In East Hollywood For $13.95M

1141 N Vermont Ave, East Hollywood, Los Angeles, CA, USA

See Similar Deals
Development Site45,000 SF
Sold 02/28/2021
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Development Site
Price Per Square Foot:$310
Total Square Footage:45,000 SF
Transaction Type:Sale

A development site located at 1141-1155 N. Vermont Ave. in East Hollywood has been sold. The buyer, Mainspring Equities, acquired the property through a transaction facilitated by Brett Alphin of Compass Commercial. The sale took place on February 28, 2021, for a price of $13,950,000. The development site has a buildable square footage of approximately 45,000, resulting in a price per square foot of $310.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $13,950,000
  • Buildable SF: 45,000
  • PPSF: $310
  • Date: 02/28/2021
  • Address: 1141-1155 N. Vermont Ave.
  • Market: East Hollywood

Brett Alphin of Compass Commercial acted as the broker for Mainspring Equities in the transaction. This deal highlights the collaboration between the buyer and their representative in acquiring a development site in East Hollywood.

Players

Brett Alphin
Compass
Brett Alphin
5 deals$27.3M volume(323) 686-1976
BROKER

Details

SOLD
IMAGE: Brett Alphin DATE: 02/28/2021 ADDRESS: 1141-1155 N. Vermont Ave. MARKET: East Hollywood ASSET TYPE: Development Site BUYER: Mainspring Equities BROKER: Brett Alphin - Compass Commercial SALE PRICE: $13,950,000 Buildable SF: 45,000 ~ PPSF: $310

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$744,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$49,561.40
Cash-on-Cash Return-1.27%
Monthly Debt Service$66,130.12
Annual Debt Service$793,561.40