Updated Dec 21, 2023
RingerBenson Brokers Sell Santa Monica Mixed-Use Property For $24.5M
1404 3rd Street Promenade, Santa Monica, CA, USA
$24,500,000
$1,678/SF
Building Size
14,594 SF
Asset Type
Mixed-use
Closing
Jan 29, 2019
About this deal
AI
A mixed-use property located at 1404-1408 3rd St. Promenade in Santa Monica has been sold for $24.5 million. The transaction took place on January 30, 2019, and was brokered by Richard Ringer and Jeff Benson of RingerBenson. The property spans 14,594 square feet, resulting in a price per square foot of $1,678. The property has a capitalization rate of 1.71%.
Summary of transaction details
- Property Type: Mixed-Use
- Transaction Amount: $24.5 million
- Address: 1404-1408 3rd St. Promenade, Santa Monica
- Market: Santa Monica
- Brokers: Richard Ringer & Jeff Benson - RingerBenson
- Square Footage: 14,594
- Price per Square Foot: $1,678
- Capitalization Rate: 1.71%
Jeff Benson and Richard Ringer of RingerBenson represented the parties involved in the transaction.
Players
Santa Monica Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.65%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93