Michael Lerner Acquires Multifamily Property On Langdon Avenue In Van Nuys, CA For $5.8M
SOLD
$5,800,000
California
See Similar DealsMultiFamily19 SF
Sold 11/22/2022
SOLD
Michael Lerner Acquires Multifamily Property On Langdon Avenue In Van Nuys, CA For $5.8M
8204 Langdon Avenue
See Similar DealsMultiFamily19 SF
Sold 11/22/2022
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$305,263
Total Square Footage:19 SF
Transaction Type:Sale
An apartment complex located at 8204 Langdon Avenue in Van Nuys, CA has been sold for a total price of $5,800,000. The property is a multifamily asset consisting of 34 units, with an average price per unit of $170,588. The total square footage of the complex is 19,938, resulting in a price per square foot of $291.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $5,800,000
- Units: 34
- Price per Unit: $170,588
- Square Footage: 19,938
- Price per Square Foot: $291
The buyer of the property is Michael Lerner, while PI Properties acted as the seller. The brokerage services were provided by Clyde Isaacson from Tamarack Real Estate Services.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$309,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$20,606.19
Cash-on-Cash Return-1.27%
Monthly Debt Service$27,494.96
Annual Debt Service$329,939.51
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