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13228 Sherman Way

Updated Dec 4, 2024

Steve Chapin Acquires Industrial Property In North Hollywood From Gary Kelley For $2.1M
SOLDIndustrial

Steve Chapin Acquires Industrial Property In North Hollywood From Gary Kelley For $2.1M

13228 Sherman Way & 13224 Sherman Way

$2,100,000

$115/SF

Building Size

9,120 SF

Asset Type

Industrial

Closing

May 10, 2024

About this deal

AI

The property at 13228-13224 Sherman Way in North Hollywood is an industrial asset that was sold for $2,100,000. The building spans 9,120 square feet, resulting in a price per square foot of $230. At the time of the sale, the property had extensive fire damage and deferred maintenance, alongside multiple non-paying tenants occupying the building.

Summary of transation details:

  • Property Type: Industrial
  • Transaction Amount: $2,100,000
  • Square Footage: 9,120
  • Price Per Square Foot: $230
  • Buyer: Steve Chapin
  • Seller: Gary Kelley
  • Brokers: Martin Agnew & Ryan Rothstein-Serling - Agnew | Serling Group - Marcus & Millichap

Martin Agnew and Ryan Rothstein-Serling represented both the buyer and the seller in this transaction. Their collaborative efforts led to the successful completion of the sale despite the property's challenging condition and tenant issues.

On the Map

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$2,100,000

$115/SF

Industrial

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Players

Martin Agnew

Marcus & Millichap

Broker

$464M

vol

130 deals

Broker
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North Hollywood Industrial Market Snapshot

Boundary boundary · Industrial · Sale transactions

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Deal FAQ

About $115 per square foot on a published $2.1M for 18,240 square feet (2024).

Visit Ryan Rothstein-Serling to view all their deals.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

7.55%

Cash-on-Cash

-2.16%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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