Manish Drona Acquires Development Site In Los Angeles For $1.75M

The development site located at 1322 W Maryland Street in Los Angeles, CA has been sold for a price of $1,750,000. The property spans across 4,976 square feet and was sold at a rate of $352 per square foot. The buyer of the property is Manish Drona, while BSI Financial Services acted as the seller. The transaction was facilitated by Filip Niculete and Glen Scher from the LAAA Team at Marcus & Millichap.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $1,750,000
• Property Address: 1322 W Maryland Street, Los Angeles, CA
• Market: Los Angeles, CA

This sale was a result of an REO Bank Sale, offering a 0.19-acre lot in a CW and TOC-3 Covered Land zone. The property currently allows the construction of 4 units, but the zoning permits a maximum of 70 units. Alternatively, unapproved plans for 62 units can also be developed. The sale closed at a price of $215.76 per square foot for the land, and $25,000 per unit based on the zoning, or $28,226 per unit based on the proposed plans.