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Ethan Conrad Properties Inc Acquires Three Office Properties In Rancho Cordova & Sacramento For $11.31M
SOLD
$11,310,000
California
See Similar DealsOffice738,000 SF
Sold 01/03/2024
SOLD
Ethan Conrad Properties Inc Acquires Three Office Properties In Rancho Cordova & Sacramento For $11.31M
3215 Prospect Park Drive, 10961 Sun Center Drive & 2525 Natomas Park Dr
See Similar DealsOffice738,000 SF
Sold 01/03/2024
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$15
Total Square Footage:738,000 SF
Transaction Type:Sale
Ethan Conrad, CEO of Ethan Conrad Properties Inc., has acquired three primarily vacant office properties in Natomas and Rancho Cordova for a total of $11.31 million. The properties are located at 3215 Prospect Park Drive, 10961 Sun Center Drive, and 2525 Natomas Park Drive. Spanning a combined area of 246,000 square feet, the properties have been purchased with the intention of modernization to attract tenants in the post "work-from-home" era.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $11,310,000
- Address: 3215 Prospect Park Drive, 10961 Sun Center Drive & 2525 Natomas Park Drive
- Market: Rancho Cordova & Sacramento
Ethan Conrad Properties Inc., represented by Ethan Conrad and Grant Keeney, facilitated the acquisition. With this strategic investment, Conrad aims to enhance the already established office parks and attract new tenants to the properties.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$603,199.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$40,182.05
Cash-on-Cash Return-1.27%
Monthly Debt Service$53,615.17
Annual Debt Service$643,382.04
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