Updated Sep 9, 2024
Tommy Ly Acquires 34-Unit Multifamily In Echo Park For $14.6M
706 Alvarado Street, Los Angeles, California 90057, United States
$14,600,000
$707/SF
Building Size
20,639 SF
Asset Type
MultiFamily
Closing
Jan 24, 2022
About this deal
AI
Located in Echo Park, the multifamily property at 706 N. Alvarado St. has changed hands in a recent transaction. The sale took place on January 19, 2022. Tommy Ly acquired the property from Gary Schaffel for a total sale price of $14,600,000. The property consists of 34 units, resulting in a price per unit of $429,411. With a total area of 20,639 square feet, the property sold at a price per square foot of $707.
Summary of Transaction Details
- Property Type: Multifamily
- Transaction Amount: $14,600,000
- Address: 706 N. Alvarado St.
- Market: Echo Park
The deal was facilitated by Compass, with Shaya Braverman, Dario Svidler, and Morgan McMullin representing the parties involved. These brokers played a crucial role in the successful completion of the transaction.
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
1.09%
Cash-on-Cash
-0.31%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93