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325 Marine Avenue

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

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

325 Marine Avenue

$4,400,000

$1,193/SF

Building Size

3,688 SF

Asset Type

Mixed-use

Closing

Apr 18, 2024

AI

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

Faris Lee Investments

Broker

$346M

vol

28 deals

Broker

Newport Beach 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

3.61%

Cash-on-Cash

-1.03%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93