Updated Dec 21, 2023
Bo Zarnegin Acquires Development Site In West Los Angeles For $3.21M
1463 Wellesley Avenue, Los Angeles, CA 90025
$3,210,000
$206/SF
Building Size
15,524 SF
Asset Type
Development Site
Closing
Jan 7, 2022
About this deal
AI
A development site located at 1463-1467 Wellesley Avenue in West Los Angeles has been sold in a recent transaction. The property, which is situated in the West Los Angeles market, offers potential for future development.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $3,210,000
- Date: 01/07/2022
- Buyer: Bo Zarnegin
- Seller: Carol Lee Butte
- Brokers: Filip Niculete & Glen Scher (LAAA Team) - Marcus & Millichap
The transaction involved notable individuals and companies. Bo Zarnegin served as the buyer, while Carol Lee Butte was the seller. Filip Niculete and Glen Scher, representing the LAAA Team at Marcus & Millichap, acted as the brokers in the deal. The sale price for the development site was $3,210,000.
This transaction saw a high level of interest, with a total of 7 offers generated. Additionally, the escrow was opened without contingencies, and the deal was closed after a 6-month escrow period. Notably, the development site sold at a price of $214,000 per buildable unit, or approximately $206.78 per land square foot.
On the Map
$3,210,000
$206/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
4.94%
Cash-on-Cash
-1.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93