Jim Mendrin Sells Multifamily Asset At 1239 Beach Street Montebello For $2.59M
1239 Beach Street
$2,590,000
$281/SF
Building Size
9,194 SF
Asset Type
MultiFamily
Closing
Feb 28, 2025
AI
The asset involved in this transaction is a multifamily property located at 1239 Beach Street in the Montebello market. The property consists of 12 units with a total square footage of 9,194. The total sale price for the asset was $2,590,000, which translates to a price per unit of $215,833 and a price per square foot of $281.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $2,590,000
- Units: 12
- Square Footage: 9,194
- Price Per Unit: $215,833
- Price Per Square Foot: $281
- Seller: Jim Mendrin
- Transaction Date: 02/28/2025
- Broker Representatives: Eric Chen & Justino L. Fa’aola - CBRE
The transaction was facilitated by brokers Eric Chen and Justino L. Fa’aola, who represented the seller, Jim Mendrin, in this deal. Their involvement was crucial in coordinating the sale and navigating the complexities of the multifamily market in Montebello.
Players
Montebello 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
6.12%
Cash-on-Cash
-1.75%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93