InSite Property Group LLC Acquires Mission Oaks/Camarillo Office For $11M
SOLD
$11,000,000
California
See Similar DealsOffice181,354 SF
Sold 11/12/2019
SOLD
InSite Property Group LLC Acquires Mission Oaks/Camarillo Office For $11M
5300 Adolfo Road, Camarillo, CA, USA
See Similar DealsOffice181,354 SF
Sold 11/12/2019
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$60
Total Square Footage:181,354 SF
Transaction Type:Sale
An off-market sale recently took place in the Mission Oaks/Camarillo market, involving an office building located at 5300 Adolfo Road. The property, with a total area of 181,354 square feet, was converted from a flex building into a self storage facility. The transaction was completed on November 12, 2019.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $11,000,000
- Market: Mission Oaks/Camarillo
- Address: 5300 Adolfo Road
The buyer, InSite Property Group LLC, acquired the property from the seller, LBA Realty Group. The deal was facilitated by brokers Gary Cohen and James DeBuiser from Marcus & Millichap Ventura.
The property was sold at a price of $11,000,000, with a per square foot value of $60.65. This off-market sale not only highlights the demand for self storage facilities but also signifies the potential for repurposing flex buildings in the Mission Oaks/Camarillo market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$586,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$39,080.67
Cash-on-Cash Return-1.27%
Monthly Debt Service$52,145.61
Annual Debt Service$625,747.34
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