Private Investor Acquires MultiFamily In Santa Monica For $2.7M
SOLD
$2,700,000
California
See Similar DealsMultiFamily
Sold 08/25/2016
SOLD
Private Investor Acquires MultiFamily In Santa Monica For $2.7M
919 20th St, Santa Monica, CA, 90403
See Similar DealsMultiFamily
Sold 08/25/2016
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale
The property involved in the transaction is a fully occupied, six-unit apartment building located at 919 20th St in Santa Monica, CA, 90403. The asset, a bungalow-style property, consists of three two-bedroom units and three one-bedroom units on a lot spanning over 8,000 square feet. The deal closed for a total price of $2.7 million, reflecting a price of $450,000 per unit. The sale transpired on August 25, 2016, in Santa Monica market.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $2,700,000.00
- Buyer: Private Investor
- Buyer's Representative: Kimberly Stepp (Stepp Commercial)
- Seller: Devlaur LLC
- Market: Santa Monica
Principal Kimberly Roberts Stepp from Stepp Commercial acted as the representative for both the seller, Devlaur LLC, based in LA, and the buyers, private investors from San Diego. The deal was finalized at a cap rate of 3.4%, showcasing a successful transaction between interested parties in the real estate market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$144,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$9,592.53
Cash-on-Cash Return-1.27%
Monthly Debt Service$12,799.38
Annual Debt Service$153,592.53
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