Moses Kagan on Real Estate

1239 N. Westmoreland is for sale

with 3 comments

We’re selling 1239 N. Westmoreland Ave. in East Hollywood in order to realize some profits for our investors.

It’s a pretty great building:

  • 5 units, 4 one bed, 1 two bed
  • Totally rebuilt in 2009-10 with permits; no deferred maintenance
  • Monthly rent is $7,980
  • For sale at $949,000 (9.9x grm)

Here’s the listing on Loopnet:

Here’s the MLS listing:

Here are some indicative numbers (but you should not rely on them; you need to do your own diligence):

  • Put down 25%, $237,250
  • Borrow $711,750 at 4.25%
  • Annual NOI of $62k
  • Annual debt service of $42k
  • So, cash-on-cash return of $20k / $236k = 8.4%
  • First year return (including loan reduction of $12k) = $32k
  • Total first year return of $32k/ $236k = 13.6%

Finally, here are some pics:

I’m brokering the deal on our end. If you work with me directly, I can do a bit better on price, since I won’t have to pay another broker. Any questions, get in touch.

Written by mjkagan

04/17/2012 at 11:10 am

Posted in Uncategorized

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