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LevCre Inc. Acquires Development Site In South Los Angeles For $3M

Property Image
SOLD
$3,000,000
Abraham (Abe) Kahen
Floyd Shaheen

California

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Development Site3,264 SF
Sold 06/24/2022
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Property Image
SOLD

LevCre Inc. Acquires Development Site In South Los Angeles For $3M

1219 West Vernon Avenue, Los Angeles, California 90037, United States

See Similar Deals
Development Site3,264 SF
Sold 06/24/2022
Abraham (Abe) Kahen
Floyd Shaheen
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Development Site
Price Per Square Foot:$919
Total Square Footage:3,264 SF
Transaction Type:Sale

A development site located at 1219-1231 W. Vernon Ave. in South Los Angeles was recently sold for $3,000,000. The property spans a lot size of 15,410 square feet and offers a building size of 3,264 square feet. This transaction represents a price per square foot of $195 and a price per buildable square foot of $919. Floyd Shaheen of Marcus & Millichap represented the seller, while Abe Kahen of LevCre Inc. acted as the buyer's representative in the deal.

Summary of transaction details

  • Property Type: Development Site
  • Sale Price: $3,000,000
  • Lot Size: 15,410 SF
  • Building Size: 3,264 SF
  • Price per Square Foot: $195
  • Price per Buildable Square Foot: $919
  • Seller's Representative: Floyd Shaheen - Marcus & Millichap
  • Buyer's Representative: Abe Kahen - LevCre Inc.

This deal was facilitated by Floyd Shaheen, representing Marcus & Millichap, as the seller's representative. On the other hand, Abe Kahen from LevCre Inc. acted as the buyer's representative. The transaction took place on June 24, 2022. The property is located in the market of South Los Angeles.

Players

Floyd Shaheen
Marcus & Millichap
Floyd Shaheen
29 deals$82M volume
BROKER
Abraham (Abe) Kahen
Abraham Kahen
1 deal$3M volume
BROKER

Details

SOLD
IMAGE: Floyd Shaheen DATE: 06/24/2022 ADDRESS: 1219-1231 W. Vernon Ave. MARKET: South Los Angeles ASSET TYPE: Development Site BUYER’S REP: Abe Kahen - LevCre Inc. SELLER’S REP: Floyd Shaheen (@FloydGroupCRE) - Marcus & Millichap (@MarcusMillichapLos Angeles) SALE PRICE: $3,000,000 BSF: 3,264 ~ PPBSF: $919 LOT SF: 15,410 ~ PPLSF: $195

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$160,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$10,658.36
Cash-on-Cash Return-1.27%
Monthly Debt Service$14,221.53
Annual Debt Service$170,658.37