Wayne Hilmelsen Purchases Office Property In Santa Monica For $3,225,000 With Broker Representation
1548-1550 18th Street, Santa Monica, Ca, 90404
$3,225,000
$579/SF
Building Size
5,570 SF
Asset Type
Office
Closing
Apr 8, 2026
AI
The property involved in the transaction is located at 1548-1550 18th Street in Santa Monica. The asset is categorized as an office space, encompassing a total square footage of 5,570. The sale price of the property is $3,225,000, translating to a price per square foot of $578.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $3,225,000
- Square Footage: 5,570
- Price Per Square Foot: $578
- Buyer: Wayne Hilmelsen
- Seller: Howard Highholt
- Buyer's Representative: George Wilson & David Wilson - Lee & Associates
- Seller's Representative: T.C. Macker & Woody Cook - WESTMAC Commercial Brokerage Company
The key individuals involved in this transaction include the buyer, Wayne Hilmelsen, and the seller, Howard Highholt. The buyer's representatives, George Wilson and David Wilson, are affiliated with Lee & Associates, while the seller's representatives, T.C. Macker and Woody Cook, are from WESTMAC Commercial Brokerage Company.
Players
Santa Monica Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.92%
Cash-on-Cash
-1.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93