Leo Grifka Acquires Hotel In West Hollywood For $20.9M With Seller's Rep Ramtin Rafiee
SOLD
$20,990,925
California
See Similar DealsHotel30,000 SF
Sold 11/06/2021
SOLD
Leo Grifka Acquires Hotel In West Hollywood For $20.9M With Seller's Rep Ramtin Rafiee
115 South Fairfax Avenue, Los Angeles, CA, USA
See Similar DealsHotel30,000 SF
Sold 11/06/2021
Summary
CALIFORNIA
Asset Type:Hotel
Price Per Square Foot:$699
Total Square Footage:30,000 SF
Transaction Type:Sale
115 South Fairfax Avenue, located in West Hollywood, has been sold in a notable transaction. This property is a hotel, spanning 30,000 square feet and boasting 66 keys. The sale price for this asset was $20,990,925, with a price per square foot of $699. The buyer in this transaction is Leo Grifka and Short Stories Hotels, while the seller is Ellen Picataggio and Peter Picataggio. The deal was facilitated by Ramtin Rafiee from BRC Advisors.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $20,990,925
- Address: 115 South Fairfax Avenue
- Market: West Hollywood
- Buyer: Leo Grifka & Short Stories Hotels
- Seller: Ellen Picataggio & Peter Picataggio
- Broker: Ramtin Rafiee - BRC Advisors
- Square Footage: 30,000
- Price per Square Foot: $699
This transaction showcases the collaborative efforts of Leo Grifka and Short Stories Hotels as buyers, as well as Ellen Picataggio and Peter Picataggio as sellers. Ramtin Rafiee, representing BRC Advisors, played a crucial role in facilitating this deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,119,516.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$74,576.32
Cash-on-Cash Return-1.27%
Monthly Debt Service$99,507.69
Annual Debt Service$1,194,092.32
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