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Luxury Single Family Home In Newport Coast Sold For $30.6M With Buyer's Rep Rob Smith & Michael Franco

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SOLD
$30,600,000

California

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Single Family Residence13 SF
Sold 04/01/2023
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SOLD

Luxury Single Family Home In Newport Coast Sold For $30.6M With Buyer's Rep Rob Smith & Michael Franco

1 Pelican Crest Drive, Newport Coast, California 92657, United States

See Similar Deals
Single Family Residence13 SF
Sold 04/01/2023
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Summary

CALIFORNIA
Asset Type:Single Family Residence
Price Per Square Foot:$2,353,846
Total Square Footage:13 SF
Transaction Type:Sale

Located in Newport Coast, the single family home at 1 Pelican Crest Drive has recently been sold. The transaction took place on 01/04/2023. The property spans over 13,437 square feet and is situated on the market for $30,600,000. This equates to a price per square foot of $2,277. The sale was facilitated by Compass, with buyer representatives Rob Smith & Michael Franco, while the seller was represented by Paul Daftarian & Michael Balliet of Luxe Real Estate.

Summary of transaction details:

  • Property Type: Single Family
  • Transaction Amount: $30,600,000
  • Date: 01/04/2023
  • Address: 1 Pelican Crest Drive
  • Market: Newport Coast

The buyer's representatives in this deal were Rob Smith & Michael Franco from Compass, while the seller's representatives were Paul Daftarian & Michael Balliet from Luxe Real Estate. This substantial transaction signifies the successful collaboration between the involved parties in achieving the sale of this prestigious property.

Players

9 deals$238.6M volume
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Details

SOLD
IMAGE: Rob Smith & Michael Franco DATE: 01/04/2023 ADDRESS: 1 Pelican Crest Drive MARKET: Newport Coast ASSET TYPE: Single Family BUYER'S REP: Rob Smith & Michael Franco - Compass (@Compass) SELLER'S REP: Paul Daftarian & Michael Balliet - Luxe Real Estate (@Luxe_Real_Estate_) SALE PRICE: $30,600,000 SF: 13,437 ~ PPSF: $2,277

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,632,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$108,715.34
Cash-on-Cash Return-1.27%
Monthly Debt Service$145,059.61
Annual Debt Service$1,740,715.34