Updated Nov 12, 2026
Sabin Burrell, Simon Aftalion & Daniel Glimcher Acquire Development Site In Los Angeles For $3.92M
1463-1467 Wellesley Ave Los Angeles, Ca
$3,920,000
$254/SF
Building Size
15,424 SF
Asset Type
Development Site
Closing
Aug 3, 2026
About this deal
AI
The property involved in this transaction is a development site located at 1463-1467 Wellesley Avenue, in the Los Angeles market. The sale price was $3,920,000, with a total square footage of 15,424, resulting in a price per square foot of $254.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $3,920,000
- Address: 1463-1467 Wellesley Avenue
- Market: Los Angeles
- Square Footage: 15,424
- Price per Square Foot: $254
- Buyer: Sabin Burrell, Simon Aftalion & Daniel Glimcher - Passo
- Seller: Bo Zarnegin
- Buyer's Representative: David Saghian - Lyon Stahl Investment Real Estate
Passo, the buyer, is an active developer in West Los Angeles, having over 1,000 units in various stages of development. The buyer's representative, David Saghian, noted that the team was highly professional throughout the transaction and adhered to the agreed-upon terms without renegotiation. Property owners interested in selling land in West Los Angeles are encouraged to contact The Saghian Group.
On the Map
$3,920,000
$254/SF
Development Site
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Players
Los Angeles 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
4.05%
Cash-on-Cash
-1.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93