Updated Oct 29, 2024
Lincoln University Sells School In Oakland To New University LLC For $6.1M
401 15th St Oakland, CA 94612, USA
$6,100,000
$423/SF
Building Size
14,400 SF
Asset Type
School
Closing
Jul 11, 2023
About this deal
AI
The downtown Oakland building located at 401 15th Street has been sold in a sale-leaseback deal. The property, which is a school, was purchased by New University LLC from the seller, Lincoln University - Mikhail Brodsky. The sale price for the building was $6,100,000, with a total square footage of 14,400. This translates to a price per square foot of $424.
Summary of transaction details
- Property Type: School
- Transaction Amount: $6,100,000
- Address: 401 15th Street
- Market: Oakland
Lincoln University decided to sell the building in order to generate capital to support their operations and expand their in-person and online programs. The sale-leaseback deal with New University LLC aims to stabilize and grow Lincoln University's enrollment amid declining numbers.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.60%
Cash-on-Cash
-0.74%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93