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Girges Gad Of Pacific Realty & Finance Represents Buyer In $3.6M Riverside Retail Sale
SOLD
$3,600,000
California
See Similar DealsRetail7,250 SF
Sold 08/01/2024
SOLD
Girges Gad Of Pacific Realty & Finance Represents Buyer In $3.6M Riverside Retail Sale
3948 University Avenue
See Similar DealsRetail7,250 SF
Sold 08/01/2024
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$496
Total Square Footage:7,250 SF
Transaction Type:Sale
The transaction involved the sale of a retail asset located at 3948-3964 University Avenue in the Riverside market. The property comprised a fully leased strip shopping center with a total square footage of 7,250. The sale price was recorded at $3,600,000, translating to approximately $497 per square foot.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $3,600,000
- Sale Date: 08/01/2024
- Address: 3948-3964 University Avenue
- Market: Riverside
- Square Footage: 7,250
- Price Per Square Foot: $497
- Buyer's Representative: Girges Gad - Pacific Realty & Finance
- Seller's Representative: Greg Bedell - Progressive Real Estate Partners
Greg Bedell represented the seller, a Los Angeles-based entity, while Girges Gad represented the buyer. Progressie Real Estate Partners facilitated the transaction, highlighting their role in brokering the deal for the fully leased retail property.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$192,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$12,790.04
Cash-on-Cash Return-1.27%
Monthly Debt Service$17,065.84
Annual Debt Service$204,790.04
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