Palos Verdes Management Company LP Acquires Cerritos Multifamily For $48.6M
SOLD
$48,600,000
+ 1
California
See Similar DealsMultiFamily381,150 SF
Sold 02/10/2020
SOLD
Palos Verdes Management Company LP Acquires Cerritos Multifamily For $48.6M
18427 Studebaker Road, Cerritos, CA 90703, USA
See Similar DealsMultiFamily381,150 SF
Sold 02/10/2020
+ 1
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$127
Total Square Footage:381,150 SF
Transaction Type:Sale
A multifamily property located at 18427 Studebaker Road in Cerritos has been sold for a price of $48,600,000. This property spans over 8.75 acres, equivalent to 381,150 square feet. With a price per acre of $5,554,285 and a price per square foot of $127, this property offers a lucrative investment opportunity. The transaction involved the sale of 150 units, with a price per unit of $324,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $48,600,000
- Acres: 8.75
- Square Feet: 381,150
- Price per Acre: $5,554,285
- Price per Square Foot: $127
- Units: 150
- Price per Unit: $324,000
The buyer of this property is Palos Verdes Management Company LP, represented by Gerald J. Marcil. The seller is Jon R. Anderson & Hoag Foundation. The transaction was facilitated by Laurie Lustig-Bower, Mike McKinney, Kamran Paydar, and Nancy Bush from CBRE.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,592,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$172,665.53
Cash-on-Cash Return-1.27%
Monthly Debt Service$230,388.79
Annual Debt Service$2,764,665.53
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