Updated Oct 24, 2025
Fred Afari And Michael Librush Acquire Development Site In Marina Del Rey For $5.2M
13474 Washington Boulevard
$5,200,000
$390/SF
Building Size
13,316 SF
Asset Type
Development Site
Closing
Oct 21, 2025
About this deal
AI
This development site, located at 13474 Washington Boulevard in Marina del Rey, has a sale price of $5,200,000. The property features a total square footage of 13,316, translating to a price per square foot of $390.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $5,200,000
- Buyer: Fred Afari & Michael Librush
- Seller: Thomas D Fitzpatrick
- Broker: Laura Alice Scaturro - Eve Capital
Notably, the site is set to undergo a transformative mixed-use development that will include 82 studio, one-, and two-bedroom apartments situated above ground-floor commercial space, alongside rooftop amenities and parking for 60 vehicles.
Players
Marina Del Rey Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.05%
Cash-on-Cash
-0.87%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93