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2543 Polk Street

James Smith Acquires Development Site On Polk Street From Mike Stern For $1.65M
SOLDDevelopment Site

James Smith Acquires Development Site On Polk Street From Mike Stern For $1.65M

2543 Polk Street

$1,650,000

$80/SF

Building Size

20,514 SF

Asset Type

Development Site

Closing

Mar 21, 2025

AI

The property asset involved in this transaction is a development site located at 2543 Polk Street in the Hollywood market. The transaction was completed for a price of $1,650,000.00, encompassing a total of 20,514 square feet.

Summary of transation details:

  • Property Type: Development Site
  • Transaction Amount: $1,650,000.00
  • Address: 2543 Polk Street
  • Market: Hollywood
  • Square Footage: 20,514.0
  • Seller: Mike Stern
  • Buyer: James Smith
  • Seller's Representatives: Elior Levi (Fausto Commercial Realty Consultants), Carlos Fausto Miranda (Fausto Commercial Realty Consultants)

The transaction featured key individuals including the buyer, James Smith, acquiring the property from seller Mike Stern, with representation provided by Elior Levi and Carlos Fausto Miranda, both associated with Fausto Commercial Realty Consultants.

Players

Carlos Fausto Miranda

Fausto Commercial Realty Consultants

Broker

$239.3M

vol

54 deals

Broker
Mike Stern

Mike Stern

Seller

$15.7M

vol

3 deals

Seller

Hollywood Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

9.61%

Cash-on-Cash

-2.75%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93