Drake Real Estate Group Acquires Multifamily Property In Silver Lake For $6.85M
1185 Myra Ave, Silver Lake, Los Angeles, CA, USA
$6,850,000
$350/SF
Building Size
19,573 SF
Asset Type
MultiFamily
Closing
Apr 15, 2021
AI
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.
Players
Los Angeles MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.32%
Cash-on-Cash
-0.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93