Drake Real Estate Group Acquires Multifamily Property In Silver Lake For $6.85M
SOLD
$6,850,000
California
See Similar DealsMultiFamily19,573 SF
Sold 04/16/2021
SOLD
Drake Real Estate Group Acquires Multifamily Property In Silver Lake For $6.85M
1185 Myra Ave, Silver Lake, Los Angeles, CA, USA
See Similar DealsMultiFamily19,573 SF
Sold 04/16/2021
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$350
Total Square Footage:19,573 SF
Transaction Type:Sale
Located in Silver Lake, the multifamily property at 1185 Myra Ave. was recently sold for $6,850,000. The transaction took place on April 16, 2021. Spanning 19,573 square feet, the property consists of 18 units, resulting in a price per unit of approximately $380,555. The price per square foot comes out to be around $349. The buyers, Drake Real Estate Group, were represented by Brian Rivera from Compass Commercial and Alex Metaxas from Realty Investment Advisors. The sellers were Daniel Mense and David Kahenasa.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $6,850,000
- Address: 1185 Myra Ave.
- Market: Silver Lake
Drake Real Estate Group, along with their representatives Brian Rivera and Alex Metaxas, successfully acquired the property. They were assisted by Compass Commercial and Realty Investment Advisors in the transaction. Daniel Mense and David Kahenasa acted as the sellers in the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$365,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$24,336.61
Cash-on-Cash Return-1.27%
Monthly Debt Service$32,472.49
Annual Debt Service$389,669.94
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