Updated Oct 28, 2024
Franklin Park Apartments LLC Acquires Multifamily Property On Franklin Avenue In Hollywood For $22M
6615 Franklin Avenue, Central LA, Los Angeles, CA, USA
$22,000,000
$334/SF
Building Size
65,746 SF
Asset Type
MultiFamily
Closing
May 12, 2020
About this deal
AI
Franklin Park Apartments LLC has acquired a multifamily property located at 6615 Franklin Avenue in Hollywood. The property was sold by the 6615 Franklin Living Trust. The transaction was facilitated by brokers Rick Raymundo and Shane McConnell from Marcus & Millichap.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $22,000,000
- Address: 6615 Franklin Avenue
- Market: Hollywood
- Units: 75
- Price per Unit: $293,333
- Square Footage: 65,746
- Price per Square Foot: $334
- GRM: 20.64x
- CAP Rate: 1.96%
The acquisition of this multifamily property marks a significant transaction in the Hollywood market. The deal was completed with the assistance of brokers Rick Raymundo and Shane McConnell, who represented the buyer and seller respectively.
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
0.72%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93