Echo Park Multifamily Sells For $1.57M With Kingside Group As Brokers
$1,575,000
SOLD
$1,575,000
California
See Similar DealsMultiFamily4,722 SF
Sold 06/25/2019
$1,575,000
SOLD
Echo Park Multifamily Sells For $1.57M With Kingside Group As Brokers
1556 Parmer Avenue, Echo Park, Los Angeles, CA, USA
See Similar DealsMultiFamily4,722 SF
Sold 06/25/2019
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$333
Total Square Footage:4,722 SF
Transaction Type:Sale
This multifamily asset, located at 1556 Parmer Avenue in Echo Park, was transacted for a price of $1,575,000. The property encompasses a total square footage of 4,722, featuring 7 units. The price per square foot stands at $330.05, with a price per unit of $225,000. The capitalization rate is recorded at 2.62%, while the gross rent multiple is 18.69.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $1,575,000
- Square Footage: 4,722
- Address: 1556 Parmer Avenue
- Market: Echo Park
- Units: 7
- Price Per Square Foot: $330.05
- Price Per Unit: $225,000
- Capitalization Rate: 2.62%
- Gross Rent Multiple: 18.69
The transaction involved brokers Andres Diaz and Daniel Shon from Kingside Group, representing the multifamily asset sale. Their expertise facilitated the negotiation and conclusion of this deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$84,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$5,595.64
Cash-on-Cash Return-1.27%
Monthly Debt Service$7,466.30
Annual Debt Service$89,595.64
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