CBRE Brokers Sell Multifamily Property In Pasadena To Fuller Theological Seminary For $19.3M
SOLD
$19,300,000
California
See Similar DealsMultiFamily52,934 SF
Sold 08/21/2020
SOLD
CBRE Brokers Sell Multifamily Property In Pasadena To Fuller Theological Seminary For $19.3M
700 Locust St, Pasadena, CA 91101, USA
See Similar DealsMultiFamily52,934 SF
Sold 08/21/2020
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$364
Total Square Footage:52,934 SF
Transaction Type:Sale
The multifamily property located at 700 Locust St in Pasadena has been sold for a price of $19,300,000. The property consists of 69 units, resulting in a price per unit of $279,710. The seller of the property was Fuller Theological Seminary.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $19,300,000
- Address: 700 Locust St
- Market: Pasadena
- Units: 69
- Price per Unit: $279,710
The sale of this multifamily property was facilitated by CBRE, with brokers Laurie Lustig-Bower, Kamran Paydar, Chavlis Evans, and Kyle Barratt representing the seller, Fuller Theological Seminary.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,029,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$68,568.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$91,491.85
Annual Debt Service$1,097,902.16
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