Fashion District, Downtown LA Retail Property Acquired For $8.75M
SOLD
$8,750,000
California
See Similar DealsRetail15,734 SF
Sold 06/21/2019
SOLD
Fashion District, Downtown LA Retail Property Acquired For $8.75M
310 East 9th Street, Los Angeles, CA 90015, USA
See Similar DealsRetail15,734 SF
Sold 06/21/2019
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$556
Total Square Footage:15,734 SF
Transaction Type:Sale
The Sale of a Ground Lease with 9 years remaining was recently completed in the Fashion District of Downtown Los Angeles. The property, located at 310 E 9th St, is a retail asset with a total square footage of 15,734. The transaction took place on June 21, 2019, and the buyer purchased the land only for a price of $8,750,000. The price per square foot was approximately $556.12.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $8,750,000
- Square Footage: 15,734
- Address: 310 E 9th St
- Market: Fashion District, Downtown Los Angeles
The brokers involved in the sale were Brandon Michaels and Ben Brownstein. They represented the buyer in this transaction. The deal was facilitated by Ben Brownstein, a representative from the buyer's side. No additional details were provided regarding the parties involved in the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$466,666.68
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$31,086.89
Cash-on-Cash Return-1.27%
Monthly Debt Service$41,479.46
Annual Debt Service$497,753.57
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