Pete Thrappas Acquires Retail Property In Hanford For $2.4M
SOLD
$2,400,000
+ 1
California
See Similar DealsRetail2,020 SF
Sold 03/08/2022
SOLD
Pete Thrappas Acquires Retail Property In Hanford For $2.4M
550 West Lacey Boulevard, Hanford, California 93230, United States
See Similar DealsRetail2,020 SF
Sold 03/08/2022
+ 1
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$1,188
Total Square Footage:2,020 SF
Transaction Type:Sale
The retail property located at 550 W. Lacey Blvd. in Hanford has been sold. The transaction took place on March 8, 2022. The property, spanning 2,020 square feet, was purchased by Pete Thrappas for a total of $2,400,000. The sale price equates to approximately $1,188 per square foot. The sellers in this transaction were Bhupendrakumar M. Patel and Hansaben Patel.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $2,400,000
- Address: 550 W. Lacey Blvd.
- Market: Hanford
Matthew Luchs, Brandon Michaels, and Steven Schechter from The Brandon Michaels Group represented the buyer, Pete Thrappas, in this deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$127,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$8,526.70
Cash-on-Cash Return-1.27%
Monthly Debt Service$11,377.22
Annual Debt Service$136,526.69
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