Mardiros Oruncakciel Acquires Development Site On 1818 Clyde Avenue In Los Angeles For $1.35M

A development site located at 1818 Clyde Avenue in Los Angeles has been sold for $1,350,000. The property is entitled for 6 small lots and is situated within an Opportunity Zone. With a price per land square footage of $132.24 and a price per buildable unit of $225,000, this transaction offers a significant investment opportunity.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $1,350,000
• Market: Los Angeles
• Buyer: Mardiros Oruncakciel
• Seller: Rusty Hadjilou
• Brokers: Filip (Fil) Niculete, Glen Scher, & Jordan Epstein - Marcus & Millichap

The sale of this development site attracted a lot of interest, generating a total of 5 offers. The transaction was a cash deal that closed quickly, taking less than 60 days from listing to closing. The property's location within an Opportunity Zone adds further appeal to the investment, offering potential tax advantages for the buyer.