Michael Cohanzad Acquires 11-Unit Multifamily In Venice For $3.3M
SOLD
$3,300,000
California
See Similar DealsMultiFamily7,496 SF
Sold 01/20/2022
SOLD
Michael Cohanzad Acquires 11-Unit Multifamily In Venice For $3.3M
2001 Penmar Avenue, Venice, California 90291, United States
See Similar DealsMultiFamily7,496 SF
Sold 01/20/2022
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$440
Total Square Footage:7,496 SF
Transaction Type:Sale
An 11-unit multifamily property located at 2001 Penmar Avenue in Venice has been sold for $3,300,000. The property spans across 7,496 square feet, with an average price per square foot of $440. The transaction took place on January 20, 2022. Michael Monempour of Kidder Matthews represented the seller, Charlotte Hanson, in this deal. Michael Cohanzad is the buyer.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $3,300,000
- Address: 2001 Penmar Avenue
- Market: Venice
- Units: 11
- Price per Unit: $300,000
- Square Footage: 7,496
- Price per Square Foot: $440
Michael Monempour, representing Kidder Matthews, acted as the broker in this transaction.
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$175,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$11,724.21
Cash-on-Cash Return-1.27%
Monthly Debt Service$15,643.68
Annual Debt Service$187,724.20
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