Tommy Beadel Purchases Multifamily Property From Annette Fasteau In Studio City For $1.495M
SOLD
$1,495,000
California
See Similar DealsMultiFamily3,344 SF
Sold 11/26/2024
SOLD
Tommy Beadel Purchases Multifamily Property From Annette Fasteau In Studio City For $1.495M
12021 Hoffman Street
See Similar DealsMultiFamily3,344 SF
Sold 11/26/2024
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$447
Total Square Footage:3,344 SF
Transaction Type:Sale
This multifamily asset located at 12021 Hoffman Street in Studio City was sold for $1,495,000. The property consists of 5 units, with a price per unit of $299,000. The total square footage of the building is 3,344, resulting in a price per square foot of $447. The property has a capitalization rate of 4.40% and a gross rent multiplier of 13.80. The building was constructed in 1937.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $1,495,000
- Units: 5
- Price Per Unit: $299,000
- Square Footage: 3,344
- Price Per Square Foot: $447
- Cap Rate: 4.40%
- GRM: 13.80
- Buyer: Tommy Beadel
- Seller: Annette Fasteau
- Broker Representatives: Filip Niculete & Glen Scher - LAAA Team - Marcus & Millichap
- All Cash Buyer: Yes
- Sold at List Price: Yes
- Sold at Premium for Land Value: Yes
Filip Niculete and Glen Scher from the LAAA Team at Marcus & Millichap represented both parties in this transaction. This deal showcases their expertise in the multifamily market within Studio City.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$79,733.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$5,311.43
Cash-on-Cash Return-1.27%
Monthly Debt Service$7,087.06
Annual Debt Service$85,044.75
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