Sumi Dave Acquires Multifamily In Ridgecrest, California For $7.14M
SOLD
$7,140,000
California
See Similar DealsMultiFamily55,228 SF
Sold 08/10/2022
SOLD
Sumi Dave Acquires Multifamily In Ridgecrest, California For $7.14M
800 South Norma Street
See Similar DealsMultiFamily55,228 SF
Sold 08/10/2022
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$129
Total Square Footage:55,228 SF
Transaction Type:Sale
A multifamily property located at 800 S Norma St in Ridgecrest, California has been sold in a closed transaction. The property consists of 66 units with a total square footage of 55,228. The sale price for this multifamily asset was $7,140,000, resulting in a per unit price of approximately $108,182. The price per square foot was approximately $129.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $7,140,000
- Address: 800 S Norma St, Ridgecrest, California
- Market: Ridgecrest, California
- Buyer: Sumi Dave
- Seller: Srinivas Yalamanchili
- Broker: Cray A. Carlson - CBRE
- Units: 66
- Price per Unit: $108,182
- Total Square Footage: 55,228
- Price per Square Foot: $129
The buyer of this multifamily property was Sumi Dave. The seller of the property was Srinivas Yalamanchili. The transaction was facilitated by broker Cray A. Carlson from CBRE.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$380,800.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$25,366.91
Cash-on-Cash Return-1.27%
Monthly Debt Service$33,847.24
Annual Debt Service$406,166.91
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