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
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