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Andy Do Purchases Development Site In Riverside From Raja Kakkar For $3.175M

Property Image
SOLD
$3,175,000
Rick Raymundo
Orbell Ovaness
Lonnie Mcdermott
+ 1

California

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Development Site70,567 SF
Sold 11/29/2024
the dealplayerscompscontact
Property Image
SOLD

Andy Do Purchases Development Site In Riverside From Raja Kakkar For $3.175M

1970 Patterson Street

See Similar Deals
Development Site70,567 SF
Sold 11/29/2024
Rick Raymundo
Orbell Ovaness
Lonnie Mcdermott
+ 1
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Development Site
Price Per Square Foot:$45
Total Square Footage:70,567 SF
Transaction Type:Sale

The transaction involved a development site located at 1970 Patterson Street in Riverside. The sale price for the property was $3,175,000, encompassing a total square footage of 70,567, resulting in a price per square foot of $44.

Summary of transaction details:

The deal included key participants such as buyer Andy Do and seller Raja Kakkar, with representation from brokers Orbell Ovaness, Lonnie Mcdermott, Rick Raymundo, and Ara Rostamian, who were associated with Marcus & Millichap in this transaction.

Players

Lonnie Mcdermott
Marcus & Millichap
Lonnie Mcdermott
16 deals$118.4M volume(818) 577-8904
BROKER
Orbell Ovaness
Marcus & Millichap
Orbell Ovaness
24 deals$210.7M volume(213) 943-1822
BROKER
Rick Raymundo
Marcus & Millichap
Rick Raymundo
52 deals$417.4M volume(818) 219-6146
BROKER
Ara Rostamian
Marcus & Millichap
Ara Rostamian
24 deals$210.7M volume(818) 823-0832
BROKER

Details

SOLD
IMAGE: Orbell Ovaness, Lonnie Mcdermott, Rick Raymundo & Ara Rostamian DATE: 11/29/2024 ADDRESS: 1970 Patterson Street MARKET: Riverside ASSET TYPE: Development Site BUYER: Andy Do SELLER: Raja Kakkar BROKERS: Orbell Ovaness (@Orbell_Ovaness), Lonnie Mcdermott (@Mcdermott.group), Rick Raymundo (@LACMultifamily) & Ara Rostamian (@AraRostamian_cre) - Marcus & Millichap (@MarcusMillichapInc) SALE PRICE: $3,175,000 SF: 70,567 ~ PPSF: $44

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$169,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$11,280.12
Cash-on-Cash Return-1.27%
Monthly Debt Service$15,051.12
Annual Debt Service$180,613.44