Steve Sannett Acquires Burbank Office Building From Joseph Melody For $5.3M
SOLD
$5,275,000
California
See Similar DealsOffice10,350 SF
Sold 01/24/2024
SOLD
Steve Sannett Acquires Burbank Office Building From Joseph Melody For $5.3M
405 Riverside Drive
See Similar DealsOffice10,350 SF
Sold 01/24/2024
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$509
Total Square Footage:10,350 SF
Transaction Type:Sale
The office building located at 405 Riverside Drive in Burbank has been sold in a recent transaction. The property spans 10,350 square feet and was sold for a total price of $5,275,000, resulting in a price per square foot of $510.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $5,275,000
- Address: 405 Riverside Drive
- Market: Burbank
The buyer in this transaction was Steve Sannett, while Joseph Melody served as the seller. The deal was facilitated by Rose O'Sullivan of NAI Capital acting as the broker representing both parties involved.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$281,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$18,740.97
Cash-on-Cash Return-1.27%
Monthly Debt Service$25,006.19
Annual Debt Service$300,074.29
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