LA Platinum Properties LLC Acquires Distressed Apartment Building In Los Angeles For $1.05M
SOLD
$1,055,000
California
See Similar DealsOther4,547 SF
Sold 07/10/2019
SOLD
LA Platinum Properties LLC Acquires Distressed Apartment Building In Los Angeles For $1.05M
4026 Morgan Avenue, Los Angeles, CA 90011, USA
See Similar DealsOther4,547 SF
Sold 07/10/2019
Summary
CALIFORNIA
Asset Type:Other
Price Per Square Foot:$232
Total Square Footage:4,547 SF
Transaction Type:Sale
An apartment building located at 4026 Morgan Ave has been sold for a price of $1,055,000. The property spans 4,547 square feet and has a price per square foot (PPSF) of $232. It consists of 6 units, resulting in a price per unit (PPU) of $175,833. The gross rent multiplier (GRM) for the property is 12.1. This transaction took place on July 10, 2019.
Summary of transaction details
- Property Type: Apartment building
- Transaction Amount: $1,055,000
- Address: 4026 Morgan Ave
- Square Footage: 4,547
- Price per Square Foot (PPSF): $232
- Number of Units: 6
- Price per Unit (PPU): $175,833
- Gross Rent Multiplier (GRM): 12.1
- Date of Transaction: July 10, 2019
The buyer of this property is LA Platinum Properties LLC, and the broker involved in the deal is Ramin Gheitanchi.
It is important to note that this was a distressed sale.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$56,266.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$3,748.19
Cash-on-Cash Return-1.27%
Monthly Debt Service$5,001.24
Annual Debt Service$60,014.86
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