Updated Oct 29, 2024
BP Hotel Group LLC Acquires Development Site In Encino For $5.5M
3932 Blue Canyon Drive, Studio City, CA, USA
$5,500,000
$214/SF
Building Size
25,700 SF
Asset Type
Development Site
Closing
Apr 6, 2020
About this deal
AI
The development site located at 3932 Blue Canyon Drive in Encino has been sold. The property, which spans 25,700 square feet, was sold for a price of $5,500,000. The buyer, BP Hotel Group LLC, plans to reposition the property into a boutique hotel for future redevelopment.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $5,500,000
- Address: 3932 Blue Canyon Drive, Encino
- Market: Encino
- Asset Type: Development Site
Kelly Betpolice, representing BP Hotel Group LLC, brokered the deal. The seller, Maple Func LLC, agreed to the transaction, which involved a total of 26 units. The price per unit was approximately $211,538, while the price per square foot was $214.01.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.88%
Cash-on-Cash
-0.82%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93