Investec Real Estate Cos. Sells Retail Property In Palm Springs For $23.4M
SOLD
$23,400,000
California
See Similar DealsRetail4,532 SF
Sold 03/25/2021
SOLD
Investec Real Estate Cos. Sells Retail Property In Palm Springs For $23.4M
Ramon Rd, Palm Springs, CA, USA
See Similar DealsRetail4,532 SF
Sold 03/25/2021
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$5,163
Total Square Footage:4,532 SF
Transaction Type:Sale
Investec Real Estate Cos. has sold a retail property located at 5001 East Ramon Road in Palm Springs. The transaction, facilitated by brokers Don MacLellan and Rick Chichester from Faris Lee Investments, closed on March 25, 2021.
Summary of transaction details:
- Property Type: Retail
- Sale Price: $23,400,000
- Address: 5001 East Ramon Road, Palm Springs
- Market: Palm Springs
The sale of the property signifies a significant transaction in the retail market. Don MacLellan and Rick Chichester from Faris Lee Investments represented the seller, Investec Real Estate Cos., in this deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,248,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$83,135.26
Cash-on-Cash Return-1.27%
Monthly Debt Service$110,927.94
Annual Debt Service$1,331,135.26
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