McMullin Drake Investments Acquires Multifamily Property In Hawthorne For $3M
SOLD
$3,000,000
California
See Similar DealsMultiFamily9,896 SF
Sold 05/12/2022
SOLD
McMullin Drake Investments Acquires Multifamily Property In Hawthorne For $3M
11430 Cedar Avenue, Hawthorne, California 90250, United States
See Similar DealsMultiFamily9,896 SF
Sold 05/12/2022
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$303
Total Square Footage:9,896 SF
Transaction Type:Sale
This sale transaction involves a multifamily property located at 11430 Cedar Ave. in Hawthorne. The property spans a total of 9,896 square feet with 12 units, resulting in a price per square foot of $303. The sale price for the property was $3,000,000, translating to a price per unit of $250,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $3,000,000
- Units: 12
- Price per Unit: $250,000
- Square Footage: 9,896
- Price per Square Foot: $303
The buyer in this transaction is McMullin Drake Investments LLC, represented by Morgan McMullin and Bo Drake. They acquired the property from the Laretto Family Trust. The broker involved in the deal was John Katnik from James Capital Advisors.
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$160,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$10,658.36
Cash-on-Cash Return-1.27%
Monthly Debt Service$14,221.53
Annual Debt Service$170,658.37
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