Updated Dec 19, 2023
Brandon Michaels Group, Matthew Luchs, And Steven Schechter Acquire Development Site In Reseda, West San Fernando Valley For $8.9M
18430 Sherman Way, Reseda, CA, USA
$8,900,000
$597/SF
Building Size
14,900 SF
Asset Type
Development Site
Closing
Apr 19, 2020
About this deal
AI
18430 Sherman Way, a development site located in Reseda, West San Fernando Valley, was recently sold for a total of $8,900,000. This asset offers a great opportunity for new construction projects, with a potential of building 223 units. The price per buildable unit (PPBU) stands at $39,910.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $8,900,000
- Address: 18430 Sherman Way
- Market: Reseda, West San Fernando Valley
- Buildable Units: 223
- Price per Buildable Unit (PPBU): $39,910
The sale of this development site was brokered by Brandon Michaels from the Brandon Michaels Group, Matthew Luchs, and Steven Schechter. Their expertise and negotiation skills played a crucial role in finalizing this transaction. The deal was successfully closed on April 19, 2021.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.78%
Cash-on-Cash
-0.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93