Updated Sep 9, 2024
Michael Monempour Procures Buyer For $6.45M Development Site In Carthay Square
1507 Hi Point St, Los Angeles, CA 90035, USA
$6,450,000
$364/SF
Building Size
17,676 SF
Asset Type
Development Site
Closing
May 14, 2020
About this deal
AI
Located in Carthay Square, the development site at 1507-11 Hi Point was recently sold for $6,450,000. The property, fully entitled for 40 units under TOC Tier 3, offers great potential for future development. The site spans a total of 17,676 square feet, with a price per buildable square foot (PPBSF) of $364.90.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $6,450,000
- Address: 1507-11 Hi Point
- Market: Carthay Square
- BSF: 17,676
- PPBSF: $364.90
- Units: 40
The buyer was represented by Michael Monempour from Kidder Mathews. This transaction took place during the challenging time of Covid-19, demonstrating the resilience of the real estate market. With its prime location and full entitlements, the development site presents a promising investment opportunity.
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
2.46%
Cash-on-Cash
-0.70%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93