Updated Dec 4, 2024
Trion Properties Inc. Acquires Development Site In Pico Robertson For $5.2M
1442 South Bedford Street, Pico - Robertson, Los Angeles, CA, USA
$5,200,000
$148/SF
Building Size
34,986 SF
Asset Type
Development Site
Closing
Dec 16, 2020
About this deal
AI
An off-market development site located at 1442-1446 Bedford St in the Pico Robertson neighborhood has been sold. The property, listed and sold by Michael Monempour, consists of 29 units with a price of $5,200,000. The buyer, Trion Properties Inc., was represented by David Moghavem, while the seller was Farhad Soleimani. The deal was facilitated by Michael Monempour acting as both the buyer's and seller's representative.
Summary of transaction details:
- Property Type: Development site
- Transaction Amount: $5,200,000
- Units: 29
- Price Per Unit: $179,310
- Total BSF (Building Square Footage): 34,986
- Price Per BSF: $148
The sale of this development site was closed with a 1-year escrow period to allow the buyer to obtain entitlements, specifically a Tier 3 TOC (Transit Oriented Communities) designation. The property offers various amenities including a lobby, gym, community room, bike racks, and a roof deck. The price per buildable unit is calculated at $179,310, while the price per square foot of land is $400.
On the Map
$5,200,000
$148/SF
Development Site
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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