Grant Lin Acquires Riverside Multifamily For $5.5M From M. Ernest Ligon Jr
SOLD
$5,500,000
California
See Similar DealsMultiFamily30,398 SF
Sold 05/19/2020
SOLD
Grant Lin Acquires Riverside Multifamily For $5.5M From M. Ernest Ligon Jr
7469 Magnolia Avenue, Riverside, CA, USA
See Similar DealsMultiFamily30,398 SF
Sold 05/19/2020
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$180
Total Square Footage:30,398 SF
Transaction Type:Sale
The multifamily property located at 3801 Madison Street & 7469 Magnolia Avenue in Riverside has been sold for $5,500,000. The property spans a total of 30,398 square feet with 36 units, resulting in a price per square foot of $180.93. The buyer, Grant Lin, acquired the property from the seller, M. Ernest Ligon Jr. The transaction was facilitated by Eric Chen and Blake Torgerson of CBRE.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $5,500,000
- Square Footage: 30,398
- Price per Square Foot: $180.93
- Number of Units: 36
- Price per Unit: $152,777
- Market: Riverside
Eric Chen from CBRE, along with Blake Torgerson, represented the buyer and seller in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$293,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$19,540.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$26,072.81
Annual Debt Service$312,873.67
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