Updated Sep 9, 2024
Anish Patel Acquires Retail Property In Ridgecrest For $2.525M
1020 North Norma Street
$2,525,000
$1,286/SF
Building Size
1,963 SF
Asset Type
Retail
Closing
Aug 16, 2022
About this deal
AI
Located at 1020 N Norma St in Ridgecrest, this retail property was recently sold in a closed transaction deal. The property spans 1,963 square feet and was sold at a price of $2,525,000, resulting in a price per square foot of $1,286. The transaction was completed with a cap rate of 4.2%.
Summary of transaction details
- Property Type: Retail
- Sale Price: $2,525,000
- Square Footage: 1,963
- Price per Square Foot: $1,286
- Market: Ridgecrest
The buyer in this transaction was Anish Patel, while Arturo Velasquez acted as the seller. The deal was facilitated by Matthew Luchs, Brandon Michaels, and Steven Schechter from Marcus & Millichap, who represented both the buyer and the seller in the transaction.
Players
Ridgecrest Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
6.28%
Cash-on-Cash
-1.80%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93