JLL Brokers Sell Little Italy Multifamily Property For $64.4M
SOLD
$64,400,000
+ 1
California
See Similar DealsMultiFamily1,517 SF
Sold 12/14/2021
SOLD
JLL Brokers Sell Little Italy Multifamily Property For $64.4M
1810 State Street, San Diego, California 92101, United States
See Similar DealsMultiFamily1,517 SF
Sold 12/14/2021
+ 1
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$42,452
Total Square Footage:1,517 SF
Transaction Type:Sale
The multifamily property located at 1810 State St. in Little Italy has been sold for a price of $64,400,000. The sale took place on December 14, 2021. The property consists of 99 units, resulting in a price per unit (PPU) of $650,500. The seller of the property was McMillin LLC.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $64,400,000
- Address: 1810 State St.
- Market: Little Italy
- Units: 99
- Price per Unit: $650,500
Darcy Miramontes, Kip Malo, Tim Wright, and Bharat Madan from JLL represented the seller, McMillin LLC, in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,434,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$228,799.61
Cash-on-Cash Return-1.27%
Monthly Debt Service$305,288.86
Annual Debt Service$3,663,466.26
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