Updated Dec 21, 2023
Michael Sterman & Jeff Louks Brokered $17.9M Sale Of Miracle Mile Multifamily
649 South Ridgeley Drive, Central LA, Los Angeles, CA, USA
$17,875,000
$464/SF
Building Size
38,519 SF
Asset Type
MultiFamily
Closing
Feb 5, 2020
About this deal
AI
A multifamily property located at 649 S Ridgeley Drive in Miracle Mile has been sold for $17,875,000. The property spans 38,519 square feet and consists of 35 units, with each unit priced at $510,714. The price per square foot for the property is $464.06.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $17,875,000
- Address: 649 S Ridgeley Drive
- Market: Miracle Mile
The transaction was facilitated by brokers Michael Sterman and Jeff Louks. Michael Sterman and Jeff Louks represented the parties involved in the deal.
Players
Los Angeles MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.89%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93