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Romeria St Carlsbad, CA 92009

MK Management Group Acquires 0.72-Acre Land In Carlsbad's La Costa Neighborhood For $2.5M
SOLDLand

MK Management Group Acquires 0.72-Acre Land In Carlsbad's La Costa Neighborhood For $2.5M

Romeria St Carlsbad, CA 92009

$2,500,000

Building Size

Asset Type

Land

Closing

Jul 18, 2023

AI

A 0.72-acre land located on Romeria Street in Carlsbad's La Costa neighborhood has been sold for $2.5 million. The property, entitled for a 23-apartment complex, is expected to become an iconic landmark in the community.

Summary of transaction details

  • Property Type: Land
  • Transaction Amount: $2,500,000
  • Address: Romeria Street
  • Market: Carlsbad
  • Size: 0.72 acres

MK Management Group, LLC has acquired the land from BNR Investment & Development, LLC. The transaction was facilitated by Aaron Bove of Marcus & Millichap, who represented both the buyer and the seller in the deal.

Players

Aaron Bove

Marcus & Millichap

Broker

$46.4M

vol

12 deals

Broker

Los Angeles Land Market Snapshot

Boundary boundary · Land · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

6.35%

Cash-on-Cash

-1.81%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93