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John Horst Acquires Westwood Boulevard Property In Los Angeles For $5.25M

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SOLD
$5,250,000

California

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Retail10,880 SF
Sold 04/17/2024
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Property Image
SOLD

John Horst Acquires Westwood Boulevard Property In Los Angeles For $5.25M

2266 Westwood Boulevard & 2274 Westwood Boulevard

See Similar Deals
Retail10,880 SF
Sold 04/17/2024
Contact now

Summary

CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$482
Total Square Footage:10,880 SF
Transaction Type:Sale

The property located at 2266 - 2274 Westwood Boulevard in Los Angeles, with a total of 5,440 square feet, was sold as an owner/user asset transaction. The deal was finalized for the full asking price of $5,250,000, equating to a price per square foot of $965.

Summary of transaction details:

The buyer, John Horst of Horst Family Properties, LLC, expressed gratitude to all involved in the successful completion of the transaction. Special recognition was given to Marc Iacono for his exceptional efforts in securing the necessary financing and lending for the acquisition.

Players

6 deals$21.3M volume(914) 424-5859
BROKER


Martin McDermott
Method Commercial
2 deals$33.3M volume(323) 452-6762
BROKER

Details

SOLD
IMAGE: Martin McDermott, Evan Weiss & Michael Lushing DATE: 04/17/2024 ADDRESS: 2266 - 2274 Westwood Boulevard MARKET: Los Angeles ASSET TYPE: Owner/User BUYER: John Horst - Horst Family Properties, LLC SELLER: David, Nancy & Rosa Safai - Sheil Family Trust BUYER'S REP: Evan Weiss (@Evanofweiss) – Weiss-CRE & Michael Lushing (@Mlushing) - Lushing Realty Advisors SELLER'S REP: Martin McDermott - Method Commercial ASKING PRICE: $5,250,000 SALE PRICE: $5,250,000 SF: 5,440 ~ PPSF: $965 NOTE FROM BUYER'S REP: The land consists of 2 lots, for a combined total of 13,208 SF. Thank you to everyone involved in this transaction. We couldn't have done it without everyone that participated in making this deal come to fruition. A special thank you to Marc Iacono who went above and beyond to secure the financing/lending.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$280,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$18,652.13
Cash-on-Cash Return-1.27%
Monthly Debt Service$24,887.68
Annual Debt Service$298,652.14