MG Properties Group Acquires Mixed-Use Property In Long Beach For $48.9M
SOLD
$48,900,000
California
See Similar DealsMixed-use9,000 SF
Sold 04/15/2019
SOLD
MG Properties Group Acquires Mixed-Use Property In Long Beach For $48.9M
595 Pine Avenue, Long Beach, CA 90802, USA
See Similar DealsMixed-use9,000 SF
Sold 04/15/2019
Summary
CALIFORNIA
Asset Type:Mixed-use
Price Per Square Foot:$5,433
Total Square Footage:9,000 SF
Transaction Type:Sale
The mixed-use property located at 595 Pine Ave in Long Beach has been sold in a closed transaction. The sale took place on April 15, 2019, with a purchase price of $48,900,000. The property spans across 9,000 square feet, resulting in a price per square foot of $5,433. It consists of 158 units, with a per-unit price of $309,493.
Summary of transaction details
- Property Type: Mixed-Use
- Transaction Amount: $48,900,000
- Square Footage: 9,000
- Price per Square Foot: $5,433
- Number of Units: 158
- Price per Unit: $309,493
MG Properties Group acted as the buyer in this transaction, while Sares-Regis Group was the seller. The deal was facilitated by brokers Sean Deasy and Blake Rogers from HFF.
Players
BROKERAGE
BUYER
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,608,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$173,731.36
Cash-on-Cash Return-1.27%
Monthly Debt Service$231,810.95
Annual Debt Service$2,781,731.37
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