Mikael Galestian & Grachik Oganesian Acquire Mixed-Use Property On Palm Canyon Drive For $7.3M
SOLD
$7,300,000
California
See Similar DealsMixed-use20,933 SF
Sold 10/31/2023
SOLD
Mikael Galestian & Grachik Oganesian Acquire Mixed-Use Property On Palm Canyon Drive For $7.3M
803 North Palm Canyon Drive
See Similar DealsMixed-use20,933 SF
Sold 10/31/2023
Summary
CALIFORNIA
Asset Type:Mixed-use
Price Per Square Foot:$348
Total Square Footage:20,933 SF
Transaction Type:Sale
The mixed-use property located at 803 North Palm Canyon Drive in Palm Springs has been sold for a total price of $7,300,000. The property spans across 20,933 square feet, resulting in a price per square foot of $349.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $7,300,000
- Address: 803 North Palm Canyon Drive
- Market: Palm Springs
- Buyer: Mikael Galestian & Grachik Oganesian
- Seller: Dale Lawrence & Charles Smith
- Seller's Representative: Eric Chen, Blake Torgerson & Marco Rossetti - CBRE
- Square Footage: 20,933
- Price per Square Foot: $349
CBRE brokers Eric Chen, Blake Torgerson, and Marco Rossetti represented the sellers, Dale Lawrence and Charles Smith, in this transaction. Mikael Galestian and Grachik Oganesian are the buyers of this mixed-use property.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$389,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$25,935.37
Cash-on-Cash Return-1.27%
Monthly Debt Service$34,605.72
Annual Debt Service$415,268.69
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