Updated Oct 29, 2024
Wiseman Residential Acquires Development Site On Santa Monica Boulevard For $13.75M
11261 Santa Monica Boulevard, Los Angeles, CA, USA
$13,750,000
$493/SF
Building Size
27,890 SF
Asset Type
Development Site
Closing
Dec 11, 2019
About this deal
AI
The development site located at 11261 Santa Monica Boulevard has been sold in a closed transaction. The property, totaling 27,890 square feet, was acquired by Wiseman Residential for a price of $13,750,000. The purchase price per buildable square foot (PPBSF) is approximately $493.01. The transaction included a total of 119 units.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $13,750,000
- Address: 11261 Santa Monica Boulevard
- Buyer: Wiseman Residential - Michael Cohanzad
- Seller: BLT Enterprises - Bernard Huberman & Robert Solomon
- Brokers: Newmark Knight Frank - Anthony Muhlstein, Brian Bowis
- BSF: 27,890
- PPBSF: $493.01
- Units: 119
The transaction involved the buyer, Wiseman Residential, represented by Michael Cohanzad, and the seller, BLT Enterprises, with Bernard Huberman and Robert Solomon as the company's representatives. The deal was facilitated by brokers Anthony Muhlstein and Brian Bowis from Newmark Knight Frank.
On the Map
$13,750,000
$493/SF
Development Site
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Players
Santa Monica Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Deal FAQ
About $493 per square foot on a published $13.8M for 27,890 square feet (2019).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.15%
Cash-on-Cash
-0.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93