Michael Glick Acquires Retail Property On Melrose Avenue For $5.35M
SOLD
$5,350,000
California
See Similar DealsRetail5,000 SF
Sold 03/01/2022
SOLD
Michael Glick Acquires Retail Property On Melrose Avenue For $5.35M
6703 Melrose Avenue, Los Angeles, California 90038, United States
See Similar DealsRetail5,000 SF
Sold 03/01/2022
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$1,070
Total Square Footage:5,000 SF
Transaction Type:Sale
Located in Hancock Park, the retail property at 6703 Melrose Avenue has been sold in a recent transaction. The property spans approximately 5,000 square feet and was sold for a total of $5,350,000, resulting in a price per square foot of $1,070. The buyer in this transaction was Michael Glick, while the seller was the Openshaw Family Trust. Representing the buyer and seller in this deal was Matthew Fainchtein from Cushman & Wakefield.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $5,350,000
- Square Footage: 5,000
- Price per Square Foot: $1,070
- Address: 6703 Melrose Avenue
- Market: Hancock Park
Contact information for Matthew Fainchtein, the representative from Cushman & Wakefield, can be found below:
Contact: Matthew Fainchtein
Phone: 310.430.2548
Email: [email protected]
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$285,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$19,007.43
Cash-on-Cash Return-1.27%
Monthly Debt Service$25,361.73
Annual Debt Service$304,340.75
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