Updated Dec 20, 2023
Dan Daneshrad Acquires Development Site In Los Angeles For $2.15M
1541 South Hayworth Avenue, Los Angeles, California 90035, United States
$2,150,000
$172/SF
Building Size
12,454 SF
Asset Type
Development Site
Closing
Mar 10, 2022
About this deal
AI
A development site located at 1541 S. Hayworth Ave. in the Fairfax Heights neighborhood of Los Angeles has been sold for a price of $2,150,000. The buyer of the property is Dan Daneshrad, while the seller is Gregory Preer. The transaction was facilitated by brokers Filip Niculete and Glen Scher from Marcus & Millichap's LAAA Team.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $2,150,000
- Address: 1541 S. Hayworth Ave., Los Angeles
The development site, which spans over 12,454 square feet, is entitled for a 10-unit project. The transaction was an all-cash deal and closed swiftly. Both the buyer and seller were engaged in a 1031 exchange, indicating the use of proceeds from the sale towards the acquisition of another property while deferring capital gains taxes.
Note from the broker: The property's location in the desirable Fairfax Heights adds to its appeal as a potential development 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
7.38%
Cash-on-Cash
-2.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93