Ray Rodriguez & Scotty Weisstein Acquire Multifamily Property In West Covina For $15.75M
SOLD
$15,750,000
California
See Similar DealsMultiFamily56,432 SF
Sold 05/13/2021
SOLD
Ray Rodriguez & Scotty Weisstein Acquire Multifamily Property In West Covina For $15.75M
801 Wescove Pl, West Covina, CA, USA
See Similar DealsMultiFamily56,432 SF
Sold 05/13/2021
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$279
Total Square Footage:56,432 SF
Transaction Type:Sale
A multifamily property located at 801 Wescove Pl in West Covina has been sold for a price of $15,750,000. The property consists of 56 units, with a price per unit of $281,250. It spans across an area of 56,432 square feet, with a price per square foot of $283. The transaction took place on May 13, 2021, and the property boasts a capitalization rate of 4.28%.
Summary of Transaction Details
- Property Type: Multifamily
- Transaction Amount: $15,750,000
- Units: 56
- Price Per Unit: $281,250
- Square Footage: 56,432
- Price Per Square Foot: $283
- Capitalization Rate: 4.28%
The deal was facilitated by Ray Rodriguez from @RayRodriguezRE and Scotty Weisstein from @ScottyWeissteinRE. They represented the buyer in this transaction. Their brokerage firms, Lucrum Real Estate and KW Commercial SoCal, were involved in the deal as well.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$840,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$55,956.42
Cash-on-Cash Return-1.27%
Monthly Debt Service$74,663.04
Annual Debt Service$895,956.42
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