Mark Millet Acquires Office Building On Pacific Coast Hwy In Hermosa Beach For $15.3M
SOLD
$15,294,000
California
See Similar DealsOffice24,954 SF
Sold 03/04/2022
SOLD
Mark Millet Acquires Office Building On Pacific Coast Hwy In Hermosa Beach For $15.3M
2447 Pacific Coast Highway, Hermosa Beach, California 90254, United States
See Similar DealsOffice24,954 SF
Sold 03/04/2022
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$612
Total Square Footage:24,954 SF
Transaction Type:Sale
An office property located at 2447 Pacific Coast Hwy in Hermosa Beach, CA has been sold in a closed transaction. The property spans a total area of 24,954 square feet and was sold for a price of $15,294,000. The price per square foot for this transaction is $612.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $15,294,000
- Address: 2447 Pacific Coast Hwy, Hermosa Beach, CA
- Market: Hermosa Beach, CA
- Square Footage: 24,954
The buyer involved in this transaction is Mark Millet, while the seller is Dan Higgins.
Players
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$815,680.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$54,336.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$72,501.36
Annual Debt Service$870,016.35
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