Hwi Bang Acquires Retail Asset In South Los Angeles For $6.1M
SOLD
$6,100,000
California
See Similar DealsRetail4,391 SF
Sold 03/31/2022
SOLD
Hwi Bang Acquires Retail Asset In South Los Angeles For $6.1M
2580 Venice Boulevard, Los Angeles, California 90019, United States
See Similar DealsRetail4,391 SF
Sold 03/31/2022
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$1,389
Total Square Footage:4,391 SF
Transaction Type:Sale
The property involved in this closed transaction is a retail asset located at 2580 Venice Blvd. in South Los Angeles. The property spans 4,391 square feet and was sold at a price of $6,100,000, resulting in a price per square foot of $1,389. The transaction took place on March 31, 2022.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $6,100,000
- Address: 2580 Venice Blvd.
- Market: South Los Angeles
- Square Footage: 4,391
The buyer of the property was Hwi Bang, while the seller was Dynamic Development Company. Youngju Park from New Star Realty represented the buyer, and Rick Rivera and Jason Ehrenpreis from CBM1 represented the seller in this transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$325,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$21,672.03
Cash-on-Cash Return-1.27%
Monthly Debt Service$28,917.11
Annual Debt Service$347,005.34
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