Clint Salee Acquires Burbank Industrial Portfolio Sale For $1.8M
SOLD
$1,800,000
California
See Similar DealsIndustrial8,350 SF
Sold 07/30/2021
SOLD
Clint Salee Acquires Burbank Industrial Portfolio Sale For $1.8M
418-424 North Varney Street, Burbank, CA, USA
See Similar DealsIndustrial8,350 SF
Sold 07/30/2021
Summary
CALIFORNIA
Asset Type:Industrial
Price Per Square Foot:$215
Total Square Footage:8,350 SF
Transaction Type:Sale
An industrial portfolio sale in Burbank was recently completed at 418-424 N. Varney. The property consists of four units with a total square footage of 8,350. The sale price for the portfolio was $1,800,000, resulting in a price per unit of $450,000 and a price per square foot of $215. The transaction took place on July 30, 2021.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $1,800,000
- Address: 418-424 N. Varney, Burbank
- Units: 4
- Price per Unit: $450,000
- Square Footage: 8,350
- Price per Square Foot: $215
The buyer, Clint Salee, acquired the industrial portfolio from the seller, Larry Wessel. The brokers involved in this transaction were Bentley McKean, James DeBuiser, and Gary Cohen. Throughout the 18-month transaction, the brokers helped navigate environmental issues that impacted the purchase price.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$96,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$6,395.02
Cash-on-Cash Return-1.27%
Monthly Debt Service$8,532.92
Annual Debt Service$102,395.02
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