Brian Sullivan Acquires Multifamily Property On Market Street In Venice Beach For $3.85M
SOLD
$3,850,000
California
See Similar DealsMultiFamily5,216 SF
Sold 02/01/2022
SOLD
Brian Sullivan Acquires Multifamily Property On Market Street In Venice Beach For $3.85M
52 Market Street, Venice, California 90291, United States
See Similar DealsMultiFamily5,216 SF
Sold 02/01/2022
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$738
Total Square Footage:5,216 SF
Transaction Type:Sale
The property involved in this transaction is a multifamily asset located at 52-60 Market Street in Venice Beach, California. The property consists of 8 units with a total square footage of 5,216. The sale price for this transaction was $3,850,000, resulting in a price per unit of $481,250 and a price per square foot of $738.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $3,850,000
- Address: 52-60 Market Street, Venice Beach, California
- Units: 8
- Price per Unit: $481,250
- Square Footage: 5,216
- Price per Square Foot: $738
- Buyer: Brian Sullivan
- Seller: The Russell G. Sherman Trust
- Broker: Laura Alice - Eve Capital
Brian Sullivan acted as the buyer in this transaction, while The Russell G. Sherman Trust acted as the seller. The broker representing the buyer and seller in this deal was Laura Alice, from Eve Capital.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$205,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$13,678.25
Cash-on-Cash Return-1.27%
Monthly Debt Service$18,250.96
Annual Debt Service$219,011.57
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