Weston Littlefield & Alex Howe Acquire Development Site In Bel Air For $7M
SOLD
$7,000,000
California
See Similar DealsDevelopment Site28,281 SF
Sold 07/01/2022
SOLD
Weston Littlefield & Alex Howe Acquire Development Site In Bel Air For $7M
10985 Bellagio Road, Los Angeles, California 90077, United States
See Similar DealsDevelopment Site28,281 SF
Sold 07/01/2022
Summary
CALIFORNIA
Asset Type:Development Site
Price Per Square Foot:$247
Total Square Footage:28,281 SF
Transaction Type:Sale
Located in the upscale neighborhood of Bel Air, this development site on 10985 Bellagio Road has recently been sold. Represented by Weston Littlefield and Alex Howe, the buyer acquired the property for a transaction amount of $7,000,000. The site spans across a total square footage of 28,281, resulting in a price per square foot of $247.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $7,000,000
- Address: 10985 Bellagio Road
- Market: Bel Air
The buyer, represented by Weston Littlefield and Alex Howe, successfully closed the deal for this development site. On the other side, the seller was represented by Alex Howe and Weston Littlefield, who worked under the Aaron Kirman Group. This transaction marks a significant investment in the Bel Air market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$373,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$24,869.54
Cash-on-Cash Return-1.27%
Monthly Debt Service$33,183.57
Annual Debt Service$398,202.85
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