NHN Global Inc Acquires Office Building In DTLA For $22M
SOLD
$22,000,000
California
See Similar DealsOffice36,974 SF
Sold 01/23/2019
SOLD
NHN Global Inc Acquires Office Building In DTLA For $22M
510 South Broadway, Los Angeles, CA 90013, USA
See Similar DealsOffice36,974 SF
Sold 01/23/2019
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$595
Total Square Footage:36,974 SF
Transaction Type:Sale
Located in the heart of DTLA, the office property at 510 Broadway recently changed hands in a closed transaction. The sale, which took place on January 23, 2019, saw NHN Global Inc acquire the property from RYDA for a substantial sum of $22 million. With a total area of 36,974 square feet, the office space was purchased at a price of $595 per square foot.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $22 million
- Address: 510 Broadway
- Market: DTLA
Facilitating the deal were brokers Andrew Tashjian and Michael Gooch from CushWake, as well as Carle Pierose from Industry Partners. Their expertise and negotiation skills played a significant role in ensuring a successful transaction for both buyer and seller.
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Deal Type
30 years
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Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,173,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$78,161.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$104,291.22
Annual Debt Service$1,251,494.69
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