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MWest Holdings Sells Multifamily Property In Koreatown For $38.2M

Property Image
SOLD
$38,200,000
Kevin Green
Joseph "Joe" Grabiec
Gregory (Greg) Harris

California

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MultiFamily112,747 SF
Sold 12/20/2019
the dealplayerscompscontact
Property Image
SOLD

MWest Holdings Sells Multifamily Property In Koreatown For $38.2M

2424 Wilshire Boulevard, Koreatown, Los Angeles, CA, USA

See Similar Deals
MultiFamily112,747 SF
Sold 12/20/2019
Kevin Green
Joseph "Joe" Grabiec
Gregory (Greg) Harris
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$338
Total Square Footage:112,747 SF
Transaction Type:Sale

The multifamily property located at 2424 Wilshire Blvd in Koreatown has been sold for $38,200,000. The property spans over 112,747 square feet, with a price per square foot of $338.81. It consists of 170 units, resulting in a price per unit of $224,705.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $38,200,000
  • Address: 2424 Wilshire Blvd
  • Market: Koreatown
  • Square Footage: 112,747
  • Price per Square Foot: $338.81
  • Units: 170
  • Price per Unit: $224,705

The seller of the property was MWest Holdings. The deal was facilitated by Marcus & Millichap, with Greg Harris, Joe Grabiec, and Kevin Green representing the seller.

Players

Kevin Green
Marcus & Millichap
Kevin Green
54 deals$3.5B volume(310) 706-4416
BROKER
Gregory (Greg) Harris
Marcus & Millichap
Gregory Harris
36 deals$2.9B volume
BROKER
Joseph "Joe" Grabiec
Marcus & Millichap
Joseph Grabiec
43 deals$3B volume
BROKER
MWest Holdings
MWest Holdings
SELLER

Details

SOLD
IMAGE: Karl Slovin, Sam Kuiumdjian @sam_kuium, Kevin Green, Joe Grabiec, Greg Harris & Matthew Ellis @mwestholdings DATE: 12/20/2019 ADDRESS: 2424 Wilshire Blvd MARKET: Koreatown ASSET TYPE: Multifamily PRICE: $38,200,000 SF: 112,747 PPSF: $338.81 UNITS: 170 PPU: $224,705 SELLER: MWest Holdings BROKERS: Greg Harris, Joe Grabiec, Kevin Green - Marcus & Millichap

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

$2,037,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$135,716.54
Cash-on-Cash Return-1.27%
Monthly Debt Service$181,087.49
Annual Debt Service$2,173,049.86