Marcus & Millichap Sells Mid City Development Site For $1.9M
SOLD
$1,900,000
California
See Similar DealsDevelopment Site8,124 SF
Sold 06/08/2022
SOLD
Marcus & Millichap Sells Mid City Development Site For $1.9M
1310 South Gramercy Place, Los Angeles, California 90019, United States
See Similar DealsDevelopment Site8,124 SF
Sold 06/08/2022
Summary
CALIFORNIA
Asset Type:Development Site
Price Per Square Foot:$233
Total Square Footage:8,124 SF
Transaction Type:Sale
A development site located at 1310 S. Gramercy Pl. in Mid City has been sold for $1,900,000. The property spans a lot size of 13,172 square feet, with a price per square foot of $144. The building to be constructed on the site will have a total gross floor area of 8,124 square feet, resulting in a price per buildable square foot of $233.
Summary of transaction details
- Property Type: Development Site
- Sale Price: $1,900,000
- Lot Size: 13,172 square feet
- Price per Lot Square Foot: $144
- Gross Floor Area: 8,124 square feet
- Price per Buildable Square Foot: $233
The sale of this development site was brokered by Floyd Shaheen from Marcus & Millichap.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$101,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$6,750.31
Cash-on-Cash Return-1.27%
Monthly Debt Service$9,006.97
Annual Debt Service$108,083.63
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