Jeremy Shore Acquires Development Site In Koreatown For $3.5M
SOLD
$3,537,500
California
See Similar DealsDevelopment Site13,106 SF
Sold 05/31/2019
SOLD
Jeremy Shore Acquires Development Site In Koreatown For $3.5M
749 Gramercy Drive, Los Angeles, CA, USA
See Similar DealsDevelopment Site13,106 SF
Sold 05/31/2019
Summary
CALIFORNIA
Asset Type:Development Site
Price Per Square Foot:$269
Total Square Footage:13,106 SF
Transaction Type:Sale
A development site in Koreatown has been sold for $3,537,500. Located at 743-749 Gramercy Dr, the site spans an area of 13,106 square feet. With a price per square foot of $269.91, the property comprises six units, resulting in a price per unit of $589,583. The transaction reflects a capitalization rate of 2.9%. Jeremy Shore of Maher Commercial brokered the deal.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $3,537,500
- Address: 743-749 Gramercy Dr
- Market: Koreatown
- Square Footage: 13,106
- Price per Square Foot: $269.91
- Units: 6
- Price per Unit: $589,583
- Capitalization Rate: 2.9%
Jeremy Shore of Maher Commercial facilitated the transaction of this Koreatown development site.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$188,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$12,568.00
Cash-on-Cash Return-1.27%
Monthly Debt Service$16,769.55
Annual Debt Service$201,234.66
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