Joel Chen Acquires Hollywood Office Building On N. Highland Avenue For $17.2M
SOLD
$17,200,000
California
See Similar DealsOffice17,490 SF
Sold 11/19/2021
SOLD
Joel Chen Acquires Hollywood Office Building On N. Highland Avenue For $17.2M
921-931 North Highland Avenue, Central LA, Los Angeles, CA, USA
See Similar DealsOffice17,490 SF
Sold 11/19/2021
Summary
CALIFORNIA
Asset Type:Office
Price Per Square Foot:$983
Total Square Footage:17,490 SF
Transaction Type:Sale
The office property located at 921-931 N. Highland Avenue in Hollywood has been sold for a total price of $17,200,000. The property spans a total area of 17,490 square feet, resulting in a price per square foot of $983. The sale took place on November 19, 2021.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $17,200,000
- Address: 921-931 N. Highland Avenue
- Market: Hollywood
The buyer in this transaction was Joel Chen, while the seller was the Taylor Family Trust. Steven Salas from Newmark Group Inc. represented the buyer, and Daniel Chiprut represented the seller.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$917,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$61,107.97
Cash-on-Cash Return-1.27%
Monthly Debt Service$81,536.78
Annual Debt Service$978,441.30
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