Fairfield Residential Acquires Multifamily Property In Little Italy, San Diego For $45.3M
SOLD
$45,300,000
+ 1
California
See Similar DealsMultiFamily1,113 SF
Sold 05/17/2021
SOLD
Fairfield Residential Acquires Multifamily Property In Little Italy, San Diego For $45.3M
2040 Columbia St, Little Italy, San Diego, CA, USA
See Similar DealsMultiFamily1,113 SF
Sold 05/17/2021
+ 1
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$40,700
Total Square Footage:1,113 SF
Transaction Type:Sale
The property involved in this closed transaction is a multi-family asset located at 2040 Columbia St in the Little Italy neighborhood of San Diego. The sale took place on May 17, 2021.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $45,300,000
- Buyer: Fairfield Residential - Greg Pinkalla
- Seller: The Picerne Group - Kenneth Picerne
- Brokers: Darcy Miramontes, Sean Deasy & Kip Malo - JLL
- Units: 108
- Price Per Unit (PPU): $419,444
Greg Pinkalla from Fairfield Residential acted as the buyer in this transaction, while Kenneth Picerne represented The Picerne Group as the seller. The deal was facilitated by Darcy Miramontes, Sean Deasy, and Kip Malo from JLL.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,416,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$160,941.33
Cash-on-Cash Return-1.27%
Monthly Debt Service$214,745.11
Annual Debt Service$2,576,941.33
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