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Faris Lee & SSG Realty Corp. Close $4.4M Mixed-Use Sale In Newport Beach

Property Image
SOLD
$4,400,000
Scott DeYoung
Jeff Conover
+ 3

California

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Mixed-use3,688 SF
Sold 04/18/2024
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Property Image
SOLD

Faris Lee & SSG Realty Corp. Close $4.4M Mixed-Use Sale In Newport Beach

325 Marine Avenue

See Similar Deals
Mixed-use3,688 SF
Sold 04/18/2024
Scott DeYoung
Jeff Conover
+ 3
Contact now

Summary

CALIFORNIA
Asset Type:Mixed-use
Price Per Square Foot:$1,193
Total Square Footage:3,688 SF
Transaction Type:Sale

The property at 325-331 Marine Avenue in Newport Beach, a mixed-use asset, was sold for $4.4 million. This property consists of storefront retail spaces and residential units, offering a total of 3,688 square feet at a price per square foot of $1,193.

Summary of transaction details:

Faris Lee Investments and SSG Realty Corp. played a crucial role in the sale of 325-331 Marine Avenue. The deal was facilitated by agents from both firms, highlighting the collaborative effort in managing the transaction that involved a combination of retail and residential spaces on Balboa Island in Newport Beach.

Players

Jeff Conover
27 deals$341.4M volume
BROKER

Scott DeYoung
24 deals$306.6M volume(949) 221-1835
BROKER

Shaun Riley
Faris Lee Investments
11 deals$120.9M volume
BROKER

Greg Lukosky
Faris Lee Investments
7 deals$55.4M volume(949) 221-1834
BROKER


Jon-Eric Greene
1 deal$4.4M volume(808) 330-2900
BROKER

Details

SOLD
IMAGE: 04/18/2024 ADDRESS: 325-331 Marine Avenue MARKET: Newport Beach ASSET TYPE: Mixed-use BROKERS: Greg Lukosky, Jeff Conover, Scott DeYoung & Shaun Riley - Faris Lee Investments; Greg Swedelson & Jon-Eric Greene - SSG Realty Corp. SALE PRICE: $4,400,000 SF: 3,688 ~ PPSF: $1,193 NOTE: Faris Lee Investments and SSG Realty Corp. facilitated the sale of 325-331 Marine Avenue, a mixed-use property on Newport Beach’s Balboa Island, for $4.4 million. The transaction, represented by agents from both firms, involved storefront retail and residential units, with the property currently occupied by street-level retail shops and residential tenants.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$234,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$15,632.26
Cash-on-Cash Return-1.27%
Monthly Debt Service$20,858.24
Annual Debt Service$250,298.94