Leo Pustilnikov Acquires Retail Property In Santa Monica From Herbert Lundin For $24.5M
SOLD
$24,531,000
California
See Similar DealsRetail15,000 SF
Sold 06/28/2020
SOLD
Leo Pustilnikov Acquires Retail Property In Santa Monica From Herbert Lundin For $24.5M
1241 East 3rd Street, Los Angeles, CA 90033
See Similar DealsRetail15,000 SF
Sold 06/28/2020
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$1,635
Total Square Footage:15,000 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,308,319.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$87,153.47
Cash-on-Cash Return-1.27%
Monthly Debt Service$116,289.46
Annual Debt Service$1,395,473.46
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