Weston Littlefield Acquires Development Site In Beverly Hills For $24M
SOLD
$24,000,000
California
See Similar DealsDevelopment Site
Sold 04/18/2022
SOLD
Weston Littlefield Acquires Development Site In Beverly Hills For $24M
1360 Summitridge Place, Beverly Hills, California 90210, United States
See Similar DealsDevelopment Site
Sold 04/18/2022
Summary
CALIFORNIA
Asset Type:Development Site
Transaction Type:Sale
A 2.8-acre development site located at 1360 Summitridge Place in Beverly Hills has been sold for a price of $24,000,000. The property, represented by Weston Littlefield of the Aaron Kirman Group, was acquired by buyer Gary Friedman.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $24,000,000
- Address: 1360 Summitridge Place, Beverly Hills
- Market: Beverly Hills
- Buyer's Representative: Weston Littlefield
- Seller's Representatives: Weston Littlefield & Alex Howe - Aaron Kirman Group
The deal, which closed on April 18, 2022, involved the sale of the 2.8-acre development site to Gary Friedman. Weston Littlefield of the Aaron Kirman Group represented both the buyer and the seller in the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,279,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$85,266.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$113,772.24
Annual Debt Service$1,365,266.93
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