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Justin Seigel & Doug Rickard Acquire Multifamily Property In Venice For $2.6M

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SOLD
$2,600,000

California

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MultiFamily4,136 SF
Sold 02/10/2023
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Property Image
SOLD

Justin Seigel & Doug Rickard Acquire Multifamily Property In Venice For $2.6M

1922 Canal Street & 2006 Canal Street

See Similar Deals
MultiFamily4,136 SF
Sold 02/10/2023
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Summary

CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$628
Total Square Footage:4,136 SF
Transaction Type:Sale

Located at 1922 Canal Street & 2006 Canal Street in Venice, this multifamily property recently changed hands in a sale transaction. The property offers a total of 4,136 square feet of space and consists of four units. The sale price for this transaction was $2,600,000, which translates to a price per unit of $650,000. The price per square foot for this transaction was $629.

Summary of transaction details

The sale of this multifamily property was facilitated by Justin Seigel and Doug Rickard from ADR Preferred Business Properties, along with Karla Cisneros from Nansco Management Inc. Their involvement highlights the important role played by these individuals in representing the seller in this transaction.

Players

Justin Seigel
13 deals$29.5M volume(818) 715-0965
BROKER

Doug Rickard
ADR Preferred Business Properties
5 deals$10.7M volume
BROKER

Karla Cisneros
4 deals$11.2M volume
BROKER

Details

SOLD
IMAGE: Justin Seigel DATE: 02/10/2023 ADDRESS: 1922 Canal Street & 2006 Canal Street MARKET: Venice ASSET TYPE: Multifamily SELLER'S REP: Justin Seigel (@Seigel5) & Doug Rickard - ADR Preferred Business Properties (@ADRPreferredBusinessProperties); Karla Cisneros - Nansco Management Inc (@Nansco) SALE PRICE: $2,600,000 UNITS: 4 ~ PPU: $650,000 SF: 4,136 ~ PPSF: $629

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$138,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$9,237.24
Cash-on-Cash Return-1.27%
Monthly Debt Service$12,325.33
Annual Debt Service$147,903.92