Jason Wang Panoptic Development Acquires Development Site In Pasadena For $4.75M
SOLD
$4,750,000
California
See Similar DealsDevelopment Site31,488 SF
Sold
SOLD
Jason Wang Panoptic Development Acquires Development Site In Pasadena For $4.75M
419 North Madison Avenue, Pasadena, CA, USA
See Similar DealsDevelopment Site31,488 SF
Sold
Summary
CALIFORNIA
Asset Type:Development Site
Price Per Square Foot:$150
Total Square Footage:31488 SF
Transaction Type:Sale
An undeveloped property located at 417-419 N. Madison Ave in Pasadena has been sold for $4,750,000. The property, which spans 31,488 square feet, is designated as a development site. This sale was facilitated by Casey Picard, a broker representing the buyer in the transaction.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $4,750,000
- Square Footage: 31,488
- Address: 417-419 N. Madison Ave
- Market: Pasadena
Jackson Wang, from Panoptic Development, purchased the property from the seller, Joshua Bunton, who represented Gemstone Partners in the deal. It should be noted that this development site was sold with conceptual design review approval for 35 units.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$253,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$16,875.76
Cash-on-Cash Return-1.27%
Monthly Debt Service$22,517.42
Annual Debt Service$270,209.08
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