Updated Oct 29, 2024
Olympic Barrington Partnership Acquires Development Site On Santa Monica Blvd For $9.4M
10460 Santa Monica Boulevard, Los Angeles, CA 90025, USA
$9,400,000
$621/SF
Building Size
15,133 SF
Asset Type
Development Site
Closing
Jun 19, 2019
About this deal
AI
A development site located at 10448, 10456, and 10460 Santa Monica Blvd in Century City/West LA has been sold for $9,400,000. The property spans a total of 15,133 square feet, with a price per square foot of $621.16.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $9,400,000
- Address: 10448, 10456, 10460 Santa Monica Blvd
- Market: Century City/West LA
- Square Footage: 15,133
- Price per Square Foot: $621.16
The buyer in this transaction is Olympic Barrington Partnership, while the sellers are Elaine Landis and Roland Patterson. The brokers involved in the deal are Michael Monempour from Kidder Mathews and Ramin Gheitanchi from Keller Williams.
It is worth noting that a total of 13 offers were received on the property. The property was sold without entitlements. The buyer, who was in a 1031 exchange, plans to build 67 units on the site. Previously, the properties were listed for $8,700,000 in 2014 with a different broker but did not sell.
On the Map
$9,400,000
$621/SF
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.69%
Cash-on-Cash
-0.48%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93