Tommy Ly Acquires 34-Unit Multifamily In Echo Park For $14.6M
SOLD
$14,600,000
California
See Similar DealsMultiFamily20,639 SF
Sold 01/25/2022
SOLD
Tommy Ly Acquires 34-Unit Multifamily In Echo Park For $14.6M
706 Alvarado Street, Los Angeles, California 90057, United States
See Similar DealsMultiFamily20,639 SF
Sold 01/25/2022
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$707
Total Square Footage:20,639 SF
Transaction Type:Sale
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
BROKERAGE
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$778,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$51,870.71
Cash-on-Cash Return-1.27%
Monthly Debt Service$69,211.45
Annual Debt Service$830,537.38
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