Edward Pelenghian Purchases Retail Property On South Mount Vernon Avenue From Bing Udinsky For $10M
SOLD
$10,000,000
+ 1
California
See Similar DealsRetail47,090 SF
Sold 05/29/2025
SOLD
Edward Pelenghian Purchases Retail Property On South Mount Vernon Avenue From Bing Udinsky For $10M
1035 South Mount Vernon Avenue
See Similar DealsRetail47,090 SF
Sold 05/29/2025
+ 1
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$212
Total Square Footage:47,090 SF
Transaction Type:Sale
The property asset involved in this transaction is a retail space located at 1035 South Mount Vernon Avenue in Colton. The sale price was $10,000,000 for a total square footage of 47,090, resulting in a price per square foot of $212.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $10,000,000
- Address: 1035 South Mount Vernon Avenue
- Market: Colton
- Square Footage: 47,090
- Price per Square Foot: $212
- Buyer: Edward Pelenghian
- Seller: Bing Udinsky
- Brokers: Orbell Ovaness, Ivan Prochko & Ara Rostamian - Marcus & Millichap
The Ovaness-Rostamian Group facilitated the transaction, assisting two family offices in meeting their investment goals. The property's location is advantageous for the buyer's planned value-add strategies.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$533,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$35,527.90
Cash-on-Cash Return-1.27%
Monthly Debt Service$47,405.10
Annual Debt Service$568,861.22
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