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833 10th Street

Updated Oct 29, 2024

Simi Management Acquires Santa Monica MultiFamily Property For $4.4M
SOLDMultiFamily

Simi Management Acquires Santa Monica MultiFamily Property For $4.4M

833 10th Street

$4,400,000

$492/SF

Building Size

8,930 SF

Asset Type

MultiFamily

Closing

Sep 18, 2023

About this deal

AI

The property in question is a multifamily asset located at 833 10th Street in Santa Monica. It consists of 10 units with a total square footage of 8,930. The property was sold at a sale price of $4,400,000, with an asking price of $4,999,000. This translates to a price per unit (PPU) of $440,000 and a price per square foot (PPSF) of $493.

Summary of transaction details

  • Property Type: MultiFamily
  • Transaction Amount: $4,400,000
  • Units: 10
  • Price per Unit (PPU): $440,000
  • Total Square Footage: 8,930
  • Price per Square Foot (PPSF): $493

The buyer of the property is Simi Management, represented by Mehran Nia. The seller is the Dracup Family Trust, with Kathleen Dracup as the owner. The buyer's representative in the deal is Alexander Ghatan from Skyline Property Group.

On the Map

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$4,400,000

$492/SF

MultiFamily

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Players

Alexander Ghatan

Broker

$25.7M

vol

4 deals

Broker

Mehran Nia

Buyer

$18.6M

vol

4 deals

Buyer
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Santa Monica MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $492 per square foot on a published $4.4M for 8,930 square feet (2023).

Visit Alexander (Alex) Ghatan to view all their deals.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

3.61%

Cash-on-Cash

-1.03%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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