Updated Dec 21, 2023
Jonathan Bloch Acquires Development Site In Hancock Park For $1.48M
245 North Gramercy Place, Los Angeles, CA 90004
$1,480,000
$246/SF
Building Size
6,000 SF
Asset Type
Development Site
Closing
Aug 30, 2021
About this deal
AI
Jonathan Bloch has acquired a development site in Hancock Park, Los Angeles. The property, located at 245 N. Gramercy Place, was sold by Chol Kim. The transaction was facilitated by the LAAA Team from Marcus & Millichap, with Filip Niculete and Glen Scher serving as the brokers. The sale price for the property was $1,480,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $1,480,000
- Date: 08/30/2021
- Address: 245 N. Gramercy Place
- Market: Hancock Park
- Buyer: Jonathan Bloch
- Seller: Chol Kim
- Brokers: Filip Niculete, Glen Scher (LAAA Team) - Marcus & Millichap
The development site in Hancock Park spans 6,884 square feet and is classified as (Q)R3-1 & TOC-2 zoning. It is currently unentitled but has the potential for development. The property allows for 5 units to be built by-right, with an additional 10 units possible with the TOC Bonus.
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
10.72%
Cash-on-Cash
-3.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93