Seth Hamilton Acquires Silver Lake Development Site For $1.38M

A development site located at 3415 Bellevue Ave in Silver Lake was recently sold for a price of $1,380,000. The transaction took place on 07/08/2021, with the seller being Goldman Sachs Bank USA and the buyer identified as Seth Hamilton. The property is a 7,507 square feet lot that is zoned R3-1VL. It is situated in a market known as Silver Lake and is categorized as a development site with the potential to build 14 units. The sale price equates to approximately $183.83 per square foot of land, while the cost per buildable unit is around $98,571.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $1,380,000
• Address: 3415 Bellevue Ave
• Market: Silver Lake

The brokerage services for this transaction were provided by Filip Niculete and Glen Scher from the LAAA Team at Marcus & Millichap. It is notable that this was an REO sale, referring to the property being sold as part of a foreclosure process. The development site offers the potential to build 9 units "by-right" or 14 units with a density bonus, of which 2 units must be allocated for low-income housing.

The transaction showcases the ongoing real estate activity in Silver Lake and highlights the involvement of key individuals, including Seth Hamilton as the buyer and Goldman Sachs Bank USA as the seller. The LAAA Team, specifically Filip Niculete and Glen Scher, played a crucial role as brokers representing the parties in this deal.