Michael Glick Acquires Retail Property On Melrose Avenue For $5.35M
6703 Melrose Avenue, Los Angeles, California 90038, United States
$5,350,000
$1,070/SF
Building Size
5,000 SF
Asset Type
Retail
Closing
Feb 28, 2022
AI
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
Los Angeles Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.97%
Cash-on-Cash
-0.85%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93