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F&F Properties Acquires Hawaiian Gardens Multifamily In Imperial Beach For $19M
SOLD
$19,000,000
California
See Similar DealsMultiFamily
Sold 06/27/2023
SOLD
F&F Properties Acquires Hawaiian Gardens Multifamily In Imperial Beach For $19M
1031 Imperial Beach Blvd Imperial Beach, CA 91932, USA
See Similar DealsMultiFamily
Sold 06/27/2023
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale
Hawaiian Gardens, a 64-unit apartment property located at 1031 Imperial Beach Boulevard in Imperial Beach, has been sold for $19,000,000. The transaction was facilitated by Tom McCartin from Marcus & Millichap on behalf of the buyer, F&F Properties. The property is a multifamily asset and is situated in the Imperial Beach market.
Summary of Transaction Details:
- Property Type: Multifamily
- Sale Price: $19,000,000
- Units: 64
- Price Per Unit (PPU): $296,875
F&F Properties, represented by Tom McCartin of Marcus & Millichap, acquired Hawaiian Gardens in Imperial Beach. The buyer has plans to conduct significant renovations to enhance the rental housing market in the area. This transaction signifies their commitment to invest in and improve the property's value and appeal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,013,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$67,502.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$90,069.69
Annual Debt Service$1,080,836.32
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