Updated Dec 21, 2023
Lonnie McDermott Acquires Multifamily Development For $7.4M In Mar Vista
3642 Motor Avenue, Los Angeles, CA, USA
$7,400,000
$503/SF
Building Size
14,711 SF
Asset Type
Development Site
Closing
Apr 1, 2019
About this deal
AI
A multifamily development located at 3638-3642 Motor Ave in Mar Vista was recently sold for $7,400,000. The property spans 14,711 square feet and consists of 62 units, resulting in a price per square foot of $503 and a price per unit of $119,354.
Summary of transaction details
- Property Type: Multifamily Development
- Transaction Amount: $7,400,000
- Date: 04/02/2019
- Address: 3638-3642 Motor Ave
- Market: Mar Vista
- Square Footage: 14,711 SF
- Price per Square Foot: $503
- Number of Units: 62
- Price per Unit: $119,354
The sale was facilitated by Lonnie McDermott of Marcus & Millichap, who represented the parties involved in the transaction.
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Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.14%
Cash-on-Cash
-0.61%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93