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Tobias Harris And Terry Harris Acquire Development Site From Joseph Proctor In Los Angeles For $1.9M

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SOLD
$1,900,000

California

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Development Site9,986 SF
Sold 09/13/2024
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Property Image
SOLD

Tobias Harris And Terry Harris Acquire Development Site From Joseph Proctor In Los Angeles For $1.9M

4545 Santa Monica Boulevard

See Similar Deals
Development Site9,986 SF
Sold 09/13/2024
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Development Site
Price Per Square Foot:$190
Total Square Footage:9,986 SF
Transaction Type:Sale

The property involved in this transaction is a development site located at 4545 Santa Monica Boulevard in Los Angeles. It has a sale price of $1,900,000 and encompasses a total square footage of 9,986, resulting in a price per square foot of $190.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $1,900,000
  • Address: 4545 Santa Monica Boulevard
  • Market: Los Angeles
  • Square Footage: 9,986
  • Price Per Square Foot: $190
  • Buyer: Tobias Harris & Terry Harris
  • Seller: Joseph Proctor
  • Broker: Jason Tuvia - Marcus & Millichap

This transaction features notable individuals including buyer Tobias Harris and Terry Harris, alongside seller Joseph Proctor. The broker representing the seller is Jason Tuvia from Marcus & Millichap. In a note from the seller, Joseph Proctor expressed appreciation for the broker's persistence despite the challenging market conditions during the sale process.

Players

Jason Tuvia
Marcus & Millichap
Jason Tuvia
42 deals$127.3M volume(818) 212-2735
BROKER

Details

SOLD
IMAGE: Jason Tuvia DATE: 09/13/2024 ADDRESS: 4545 Santa Monica Boulevard MARKET: Los Angeles ASSET TYPE: Development Site BUYER: Tobias Harris (@TobiasHarris) & Terry Harris SELLER: Joseph Proctor BROKER: Jason Tuvia (@TuviaGroup) - Marcus & Millichap (@MarcusMillichapinc) SALE PRICE: $1,900,000 SF: 9,986 ~ PPSF: $190 NOTE FROM BROKER: "Jason recently represented me in the sale of a lot in Silverlake. I appreciated his persistence as it was a very difficult market to sell, yet he did not give up! Would not hesitate working with him again." - Joseph Proctor (seller)

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$101,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$6,750.31
Cash-on-Cash Return-1.27%
Monthly Debt Service$9,006.97
Annual Debt Service$108,083.63