LaTerra Developments Acquires Property From David Casselman At 4850 Hollywood BLVD For $10.4M
SOLD
$10,400,000
California
See Similar DealsRetail16,000 SF
Sold 05/12/2017
SOLD
LaTerra Developments Acquires Property From David Casselman At 4850 Hollywood BLVD For $10.4M
4850 Hollywood BLVD, Los Angeles, C...
See Similar DealsRetail16,000 SF
Sold 05/12/2017
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$650
Total Square Footage:16,000 SF
Transaction Type:Sale
The property involved in this transaction is a retail strip with a total square footage of 16,000 located at 4850 Hollywood Boulevard, Los Angeles. It was sold for a total price of $10,400,000. The asset occupies a 0.9-acre site and is situated in the Los Angeles market.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $10,400,000
- Address: 4850 Hollywood Boulevard, Los Angeles
- Square Footage: 16,000
- Seller: David Casselman
- Buyer: LaTerra Developments
- Seller's Representative: Chris Comfort of Apex Realty
- Buyer's Representative: Oron Maher of BRC Advisors
LaTerra Developments acquired the property for development purposes, potentially planning a mixed-use project on the site. The property currently has 11 tenants and is expected to be razed for the new development.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$554,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$36,949.01
Cash-on-Cash Return-1.27%
Monthly Debt Service$49,301.31
Annual Debt Service$591,615.67
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