Justin Seigel Acquires 6-Unit Multifamily In Venice For $3.3M
SOLD
$3,300,000
California
See Similar DealsMultiFamily3,224 SF
Sold 07/12/2022
SOLD
Justin Seigel Acquires 6-Unit Multifamily In Venice For $3.3M
617 Crestmoore Place, Venice, California 90291, United States
See Similar DealsMultiFamily3,224 SF
Sold 07/12/2022
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$1,023
Total Square Footage:3,224 SF
Transaction Type:Sale
A multifamily property located at 617 Crestmoore Pl. in Venice has been sold for a price of $3,300,000. The property consists of 6 units with an average price per unit of $550,000. It has a total square footage of 3,224 with a price per square foot of $1,023.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $3,300,000
- Address: 617 Crestmoore Pl.
- Market: Venice
- Units: 6
- Price per Unit: $550,000
- Square Footage: 3,224
- Price per Square Foot: $1,023
The buyer's representative in the deal was Justin Seigel from ADR Preferred Business Properties, while the seller's representatives were Doug Rickard from ADR Preferred Business Properties and Karla Cisneros from Nansco Management.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$175,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$11,724.21
Cash-on-Cash Return-1.27%
Monthly Debt Service$15,643.68
Annual Debt Service$187,724.20
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