Fred Gortner Acquires Multifamily Property In San Gabriel Valley For $33.6M
SOLD
$33,600,000
California
See Similar DealsMultiFamily96,904 SF
Sold 08/15/2022
SOLD
Fred Gortner Acquires Multifamily Property In San Gabriel Valley For $33.6M
1381 N San Gabriel Canyon Rd, Azusa, California 91702, United States
See Similar DealsMultiFamily96,904 SF
Sold 08/15/2022
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$346
Total Square Footage:96,904 SF
Transaction Type:Sale
A multifamily property located at 1381 N. San Gabriel Canyon Rd., 1311 N. Azusa Ave., and 1345 N. San Gabriel Ave. in the San Gabriel Valley has been sold for $33,600,000. The transaction took place on August 15, 2022.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $33,600,000
- Number of Units: 116
- Price per Unit: $289,655
- Square Footage: 96,904
- Price per Square Foot: $346
- Address: 1381 N. San Gabriel Canyon Rd., 1311 N. Azusa Ave., and 1345 N. San Gabriel Ave.
- Market: San Gabriel Valley
The buyer of the property is Fred Gortner, and the seller is Michael Barker. The deal was facilitated by Eric Chen and Joyce Goldstein of CBRE.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,792,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$119,373.70
Cash-on-Cash Return-1.27%
Monthly Debt Service$159,281.14
Annual Debt Service$1,911,373.70
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