Erwin LLC Acquires Class A Office In Downtown Bakersfield For $15.6M
SOLD
$15,642,627
California
See Similar DealsOffice122,080 SF
Sold 11/13/2018
SOLD
Erwin LLC Acquires Class A Office In Downtown Bakersfield For $15.6M
1430 Truxtun Avenue, Downtown, Bakersfield, CA, USA
See Similar DealsOffice122,080 SF
Sold 11/13/2018
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$128
Total Square Footage:122,080 SF
Transaction Type:Sale
The Class A Office building located at 1430 Truxtun Avenue in Downtown Bakersfield was recently sold in a transaction. The property spans a total area of 122,080 square feet. The sale price for this asset was $15,642,627, resulting in a price per square foot of $128.
Summary of transaction details
- Property Type: Class A Office
- Transaction Amount: $15,642,627
- Address: 1430 Truxtun Avenue
- Market: Downtown Bakersfield
The seller of this property was Fourteen Thirty Truxtun Ave Bldg Co Ptp, while the buyer was Erwin LLC. Marcus & Millichap represented both parties in this deal. Armond Aivazyan from Marcus & Millichap's Palo Alto office acted as the buyer's broker, while Michael Lawrence from Marcus & Millichap's Newport office and Greg Mills from the Encino office represented the seller.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$834,273.42
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$55,574.97
Cash-on-Cash Return-1.27%
Monthly Debt Service$74,154.03
Annual Debt Service$889,848.39
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