Leo Pustilnikov Acquires Retail Property In Santa Monica From Herbert Lundin For $24.5M
1241 East 3rd Street, Los Angeles, CA 90033
$24,531,000
$1,635/SF
Building Size
15,000 SF
Asset Type
Retail
Closing
Jun 28, 2020
AI
The retail property located at 1241-1251 3rd Street in Santa Monica has been sold. The transaction was facilitated by Richard J. Ringer, a broker representing both the buyer and the seller. The property spans 15,000 square feet and was sold for a total price of $24,531,000, resulting in a price per square foot of $1,692.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $24,531,000
- Date: 06/28/2021
- Address: 1241-1251 3rd Street, Santa Monica
- Market: Santa Monica
Leo Pustilnikov acted as the buyer in this transaction, while the seller was Herbert Lundin. Richard J. Ringer, a broker, represented both parties in the deal.
Players
Los Angeles 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
0.65%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93