Updated Nov 22, 2023
The Spiegel Family Trust Acquires Mixed-Use Property At 1617 Broadway In Santa Monica For $10.7M
1617 Broadway, Santa Monica, California 90404, United States & 1617 Broadway, Santa Monica, California 90404, United States
$10,700,000
$396/SF
Building Size
15,110 SF
Asset Type
Office
Closing
Oct 19, 2018
About this deal
AI
Located at 1617 Broadway in Santa Monica, this mixed-use property was recently sold in a closed transaction. The property spans a total of 11,900 square feet and was purchased by The Spiegel Family Trust from Jay Rifkin for a price of $10,700,000. With a price per square foot of $899, this property offers great potential for the new owner.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $10,700,000
- Address: 1617 Broadway, Santa Monica
- Market: Santa Monica
Jay Rifkin, the previous owner of the property, is well-known for his work on the Academy Award-winning soundtrack for Disney's "The Lion King." He is also involved in the media industry, owning several media companies including distributors and software development firms. Notably, Rifkin previously sold the property in 2012 for $6.3 million, indicating a significant increase in value over the years.
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
1.48%
Cash-on-Cash
-0.42%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93