Emil Khodorkovsky's Forbix Acquires Santa Monica Car Wash & Detailing On Pico Boulevard For $7M
2510 Pico Boulevard
$7,000,000
Building Size
—
Asset Type
Retail
Closing
Jan 30, 2024
AI
Forbix, a nationwide real estate firm, acquired the Santa Monica Car Wash & Detailing property located at 2510 Pico Boulevard in Santa Monica, California. The property is a retail asset and was purchased for a total sale price of $7,000,000.
Summary of transaction details:
- Property Type: Retail
- Sale Price: $7,000,000
- Address: 2510 Pico Boulevard
- Market: Santa Monica
The acquisition was made by Forbix with the intention of transforming the property into a QuikWash location in Southern California. The car wash will operate as a hand car wash until the necessary construction permits are secured. The sale of the property was facilitated by MG Equities and Serber Capital, with Makan Mostafavi representing MG Equities and Sam Serber & Steve Serber representing Serber Capital.
Players
Santa Monica 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
2.27%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93