Charles Naaman Acquires Corner Development Site From Bonnie & Frank Blair In Lancaster For $1.2M
SOLD
$1,200,000
California
See Similar DealsDevelopment Site2,983 SF
Sold 09/15/2025
SOLD
Charles Naaman Acquires Corner Development Site From Bonnie & Frank Blair In Lancaster For $1.2M
43555 Sierra Highway
See Similar DealsDevelopment Site2,983 SF
Sold 09/15/2025
Summary
CALIFORNIA
Asset Type:Development Site
Price Per Square Foot:$402
Total Square Footage:2,983 SF
Transaction Type:Sale
This development site located at 43555 Sierra Highway in Lancaster was sold for $1,200,000. The asset, which spans 2,983 square feet, translates to a price per square foot of $402. The property is currently utilized as a used car sales lot, with plans for future development to include a gas station, convenience store, and quick-service restaurant.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $1,200,000
- Buyer: Charles Naaman
- Seller: Bonnie & Frank Blair
- Broker: Josh Markowitz - Markowitz Commercial Real Estate
- Market: Lancaster
- Square Feet: 2,983
- Price Per Square Foot: $402
Josh Markowitz of Markowitz Commercial Real Estate represented the seller, Bonnie & Frank Blair, in this transaction. The buyer, Charles Naaman, intends to repurpose the property for a gas station along with a convenience store and quick-service restaurant as part of the development plans.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$64,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$4,263.34
Cash-on-Cash Return-1.27%
Monthly Debt Service$5,688.61
Annual Debt Service$68,263.35
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