Clear Capital Sells Echo Park Apartment Community For $25.5M
SOLD
$25,500,000
California
See Similar DealsDevelopment Site55,433 SF
Sold 02/11/2019
SOLD
Clear Capital Sells Echo Park Apartment Community For $25.5M
1811 Morton Avenue, Los Angeles, CA 90026, USA
See Similar DealsDevelopment Site55,433 SF
Sold 02/11/2019
Summary
CALIFORNIA
Asset Type:Development Site
Price Per Square Foot:$460
Total Square Footage:55,433 SF
Transaction Type:Sale
An apartment community in Echo Park has been sold for $25.5 million. The property, located at 1811 Morton Ave., consists of 66 units. The total square footage of the community is 55,433, resulting in a price per square foot of $460.
Summary of transaction details
- Property Type: Apartment community
- Transaction Amount: $25.5 million
- Address: 1811 Morton Ave.
- Market: Echo Park
- Total Square Footage: 55,433
- Price per Square Foot: $460
- Units: 66
The seller of the property is Clear Capital, and the transaction was facilitated by broker Paul Darrow from Marcus & Millichap.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,360,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$90,596.11
Cash-on-Cash Return-1.27%
Monthly Debt Service$120,883.01
Annual Debt Service$1,450,596.11
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