Faris Lee Investments Sells Retail Property In Pasadena For $28.5M
SOLD
$28,500,000
California
See Similar DealsRetail38,513 SF
Sold 02/04/2022
SOLD
Faris Lee Investments Sells Retail Property In Pasadena For $28.5M
460 South Lake Avenue, Pasadena, California 91101, United States
See Similar DealsRetail38,513 SF
Sold 02/04/2022
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$740
Total Square Footage:38,513 SF
Transaction Type:Sale
A retail property located at 460 S. Lake Ave. in Pasadena has been sold for $28,500,000. The property spans across 38,513 square feet, resulting in a price per square foot of $740. The transaction took place on February 4, 2022, with a capitalization rate of 4.73%. The property is situated in the Pasadena market.
Summary of transation details
- Property Type: Retail
- Transaction Amount: $28,500,000
- Square Footage: 38,513
- Price Per Square Foot: $740
- Date: February 4, 2022
- Capitalization Rate: 4.73%
- Market: Pasadena
The sale of this retail property was facilitated by Faris Lee Investments, with brokers Jeff Conover, Don MacLellan, and Scott DeYoung representing the parties involved.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,519,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$101,254.49
Cash-on-Cash Return-1.27%
Monthly Debt Service$135,104.54
Annual Debt Service$1,621,254.48
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