Maggie Cervantes Acquires Sherman Way Office Building In Reseda For $5.5M
SOLD
$5,500,000
National
See Similar DealsOffice22,248 SF
Sold 02/28/2023
SOLD
Maggie Cervantes Acquires Sherman Way Office Building In Reseda For $5.5M
18700-18704 Sherman Way, Reseda, Ca 91335
See Similar DealsOffice22,248 SF
Sold 02/28/2023
Summary
Asset Type:Office
Price Per Square Foot:$247
Total Square Footage:22,248 SF
Transaction Type:Sale
The recently closed property transaction in Reseda involved an office building located at 18700-18704 Sherman Way. The property spans 22,248 square feet and was sold for a total price of $5,500,000, which equates to approximately $247 per square foot. The transaction took place on February 28, 2023.
Summary of transation details
- Property Type: Office
- Transaction Amount: $5,500,000
- Address: 18700-18704 Sherman Way, Reseda
- Market: Reseda
- Buyer: Maggie Cervantes
- Seller: Geoffrey Lands
- BROKERS: Jay Martinez - Kidder Mathews; Elizabeth Clark - Douglas Elliman
Maggie Cervantes served as the buyer in this transaction, while Geoffrey Lands acted as the seller. The deal was facilitated by two brokers, Jay Martinez from Kidder Mathews and Elizabeth Clark from Douglas Elliman.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$293,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$19,540.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$26,072.81
Annual Debt Service$312,873.67
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