Marcus & Millichap Sells 24-Unit Multifamily Property In Santa Monica For $8M
SOLD
$8,000,000
California
See Similar DealsMultiFamily561 SF
Sold 09/09/2020
SOLD
Marcus & Millichap Sells 24-Unit Multifamily Property In Santa Monica For $8M
2647 6th St, Santa Monica, CA 90405, USA
See Similar DealsMultiFamily561 SF
Sold 09/09/2020
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$14,260
Total Square Footage:561 SF
Transaction Type:Sale
The multifamily property located at 2647 6th Street in Santa Monica has been sold in a closed transaction. The property consists of 24 units, with a price of $8,000,000. This amount equates to a per unit price of $333,333. The sale was facilitated by David O’Keefe and Steve Bogoyevac, representatives from Marcus & Millichap.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $8,000,000
- Units: 24
- Price Per Unit: $333,333
- Brokers: David O’Keefe & Steve Bogoyevac – Marcus & Millichap
The involvement of David O’Keefe and Steve Bogoyevac from Marcus & Millichap played a crucial role in the successful completion of the transaction. These individuals and their agency provided expertise and guidance throughout the sale process.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$426,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$28,422.30
Cash-on-Cash Return-1.27%
Monthly Debt Service$37,924.08
Annual Debt Service$455,088.98
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