Fountainhead Development Sells Retail Property In Palm Desert For $15.7M
SOLD
$15,700,000
California
See Similar DealsRetail
Sold 02/01/2022
SOLD
Fountainhead Development Sells Retail Property In Palm Desert For $15.7M
3070 Dinah Shore Dr. Palm Desert
See Similar DealsRetail
Sold 02/01/2022
Summary
CALIFORNIA
Asset Type:Retail
Transaction Type:Sale
The retail property located at 3070 Dinah Shore Dr. in Palm Desert has been sold. The transaction was completed on February 1, 2022, and the property was sold for a total of $15,700,000. The seller of the property was Fountainhead Development of Newport Beach.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $15,700,000
- Address: 3070 Dinah Shore Dr.
- Market: Palm Desert
The sale of this retail property was facilitated by Bill Asher and Jeff Lefko from Hanley Investment Group Real Estate Advisors. They represented Fountainhead Development of Newport Beach in the deal. Bill Asher and Jeff Lefko are experienced brokers in the industry.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$837,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$55,778.80
Cash-on-Cash Return-1.27%
Monthly Debt Service$74,426.01
Annual Debt Service$893,112.12
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