1510 Colorado LLC Acquires Hotel In Glendale For $15.5M
SOLD
$15,500,000
California
See Similar DealsHotel32,000 SF
Sold 05/31/2022
SOLD
1510 Colorado LLC Acquires Hotel In Glendale For $15.5M
1510 East Colorado Street, Glendale, California 91205, United States
See Similar DealsHotel32,000 SF
Sold 05/31/2022
Summary
CALIFORNIA
Asset Type:Hotel
Price Per Square Foot:$484
Total Square Footage:32,000 SF
Transaction Type:Sale
The hotel property located at 1510 E. Colorado St. in Glendale has been sold. The transaction took place on 05/31/2022 between the buyer, 1510 Colorado LLC, represented by AJ Patel, and the seller, Wismax LLC, represented by Kevin Chiu.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $15,500,000
- Address: 1510 E. Colorado St., Glendale
- Market: Glendale
The hotel comprises a total of 32,000 square feet and was purchased at a price of $15,500,000, resulting in a price per square foot of $484. The buyer, 1510 Colorado LLC, acquired 62 keys as part of the deal. The personal property included in the transaction is valued at $250,000.
AJ Patel represented the buyer, 1510 Colorado LLC, while Kevin Chiu represented the seller, Wismax LLC.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$826,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$55,068.22
Cash-on-Cash Return-1.27%
Monthly Debt Service$73,477.91
Annual Debt Service$881,734.89
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