Hankey Investment Company Acquires Multifamily Property In Koreatown And Costa Mesa For $113.5M
SOLD
$113,500,000
California
See Similar DealsMultiFamily215,000 SF
Sold 12/18/2019
SOLD
Hankey Investment Company Acquires Multifamily Property In Koreatown And Costa Mesa For $113.5M
687 South Hobart Boulevard, Los Angeles, CA 90005, USA
See Similar DealsMultiFamily215,000 SF
Sold 12/18/2019
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$527
Total Square Footage:215,000 SF
Transaction Type:Sale
The multifamily property located at 687 S. Hobart Boulevard and 125 E. Baker Street in Koreatown, Costa Mesa, was recently sold in a closed transaction on December 18, 2019. This property consists of 586 units and spans a total of 215,000 square feet. The sale price for this transaction was $113,500,000, resulting in a price per unit of $193,686 and a price per square foot of $527.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $113,500,000
- Units: 586
- Price Per Unit: $193,686
- Square Footage: 215,000
- Price Per Square Foot: $527
The seller of this property was Cityview, represented by Sean Burton. On the other hand, the buyer was Hankey Investment Company, represented by Don Hankey.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,053,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$403,241.53
Cash-on-Cash Return-1.27%
Monthly Debt Service$538,047.90
Annual Debt Service$6,456,574.86
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