Simi Management Acquires Santa Monica MultiFamily Property For $4.4M
SOLD
$4,400,000
California
See Similar DealsMultiFamily8,930 SF
Sold 09/18/2023
SOLD
Simi Management Acquires Santa Monica MultiFamily Property For $4.4M
833 10th Street
See Similar DealsMultiFamily8,930 SF
Sold 09/18/2023
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$492
Total Square Footage:8,930 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$234,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$15,632.26
Cash-on-Cash Return-1.27%
Monthly Debt Service$20,858.24
Annual Debt Service$250,298.94
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