Carv Properties Acquires Multifamily Property In El Cajon For $6M
SOLD
$6,300,000
California
See Similar DealsMultiFamily24,000 SF
Sold 08/17/2022
SOLD
Carv Properties Acquires Multifamily Property In El Cajon For $6M
535 Greenfield Drive, El Cajon, California 92021, United States
See Similar DealsMultiFamily24,000 SF
Sold 08/17/2022
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$262
Total Square Footage:24,000 SF
Transaction Type:Sale
The recent sale of a multifamily property in El Cajon has caught the attention of real estate enthusiasts. Located at 535 Greenfield Drive, this property is a prime asset in the market. The transaction was completed on 08/17/2022 and involved the sale of 23 units with a total square footage of 24,000. The property was purchased by Carv Properties from the Ching Tsai Chan Trust for a total price of $6,000,000, equating to an average price per unit of $260,869. The price per square foot was $250, reflecting the value of this multifamily asset.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $6,000,000
- Units: 23
- Price per Unit: $260,869
- Square Footage: 24,000
- Price per Square Foot: $250
The successful completion of this transaction was facilitated by James Carter and Angelo La Bruna, both representing the Apartment Realty Group. Their expertise and negotiation skills played a crucial role in finalizing the deal between Carv Properties and the Ching Tsai Chan Trust. This sale marks a significant milestone in the multifamily property market in El Cajon.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$336,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$22,382.57
Cash-on-Cash Return-1.27%
Monthly Debt Service$29,865.21
Annual Debt Service$358,382.57
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