Yusuke Kimiwa Acquires 2615 2nd Street Multifamily In Santa Monica For $3.3M
SOLD
$3,300,000
California
See Similar DealsMultiFamily4,696 SF
Sold 05/09/2024
SOLD
Yusuke Kimiwa Acquires 2615 2nd Street Multifamily In Santa Monica For $3.3M
2615 2nd Street
See Similar DealsMultiFamily4,696 SF
Sold 05/09/2024
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$702
Total Square Footage:4,696 SF
Transaction Type:Sale
The multifamily property located at 2615 2nd Street in Santa Monica was sold for $3,300,000. The property consists of 7 units with a total square footage of 4,696. The price per unit was $471,429 and the price per square foot was $703. With a cap rate of 5.23%, this asset offers a lucrative investment opportunity in the Santa Monica market.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $3,300,000
- Units: 7
- Square Footage: 4,696
- Price Per Unit: $471,429
- Price Per Square Foot: $703
- Cap Rate: 5.23%
- Address: 2615 2nd Street, Santa Monica
Yusuke Kimiwa acquired the property from Masako Aikawa in this transaction. The seller's representative for this deal was Han Widjaja Chen from Growth Investment Group. The involvement of these key individuals and the representative signifies a strategic and successful real estate transaction in the Santa Monica market.
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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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