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Adaptive Acquires Silver Lake Multifamily Property For $1.85M

Property Image
SOLD
$1,850,000
David Weinberger
David Rothblum

California

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MultiFamily6,500 SF
Sold 09/18/2019
the dealplayerscompscontact
Property Image
SOLD

Adaptive Acquires Silver Lake Multifamily Property For $1.85M

3623 Bellevue Avenue, Silver Lake, Los Angeles, CA, USA

See Similar Deals
MultiFamily6,500 SF
Sold 09/18/2019
David Weinberger
David Rothblum
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$284
Total Square Footage:6,500 SF
Transaction Type:Sale

Located in the Silver Lake market, the multifamily property at 3623 Bellevue Avenue was recently sold for $1,850,000. The transaction took place on September 18, 2019. The property spans approximately 6,500 square feet, resulting in a price per square foot of $284.62. This asset consists of five units, including four 1+1 units and one 3-bedroom, 2-bathroom house. At the time of the sale, three units were delivered vacant, offering potential for immediate occupancy. The cap rate for this property is 14.20, with a gross rent multiplier (GRM) of 4.85%.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $1,850,000
  • Square Footage: 6,500
  • Price per Square Foot: $284.62
  • Address: 3623 Bellevue Avenue
  • Market: Silver Lake

The buyer in this transaction was Adaptive, while the seller was Gin Trust. The deal was facilitated by brokers David Weinberger and David Rothblum.

Players

David Rothblum
David Rothblum
1 deal$1.9M volume(818) 400-0803
BROKER
David Weinberger
Keller Williams Realty
David Weinberger
10 deals$64M volume(818) 970-0915
BROKER

Details

SOLD
IMAGE: David Weinberger @david.weinberger & David Rothblum DATE: 09/18/2019 ADDRESS: 3623 Bellevue Avenue MARKET: Silver Lake ASSET TYPE: Multifamily BUYER: Adaptive SELLER: Gin Trust BROKERS: David Weinberger & David Rothblum PRICE: $1,850,000 SF: 6,500 ~ PPSF: $284.62 UNITS: 5 PPU: $370,000 CAP: 14.20 GRM: 4.85% NOTES: 5 Units comprised of (4) 1+1's and (1) 3 Bedroom + 2 Bathroom house, 3 Units delivered vacant at time of sale.

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

$98,666.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$6,572.67
Cash-on-Cash Return-1.27%
Monthly Debt Service$8,769.94
Annual Debt Service$105,239.33