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Kevin Zarabi Acquires Development Site On Virginia Avenue In Hollywood For $1.125M

Property Image
SOLD
$1,125,000
Yohann Bensimon
Nikolay Samokhvalov
MA
+ 1

California

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Development Site11,000 SF
Sold 07/14/2020
the dealplayerscompscontact
Property Image
SOLD

Kevin Zarabi Acquires Development Site On Virginia Avenue In Hollywood For $1.125M

5655 Virginia Ave, Los Angeles, CA 90038, USA

See Similar Deals
Development Site11,000 SF
Sold 07/14/2020
Yohann Bensimon
Nikolay Samokhvalov
MA
+ 1
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Development Site
Price Per Square Foot:$102
Total Square Footage:11,000 SF
Transaction Type:Sale

The development site located at 5655 Virginia Avenue in Hollywood was recently sold in a closed transaction. The buyer, Kevin Zarabi, acquired the property from Mark Azeez. The sale was facilitated by Yohann Bensimon and Nikolay Samokhvalov of Ikon Capital Advisors.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $1,125,000
  • Address: 5655 Virginia Avenue
  • Market: Hollywood

The property, situated in the Hollywood Opportunity Zone, is slated for a ground-up development of a four-story multifamily complex. With a total square footage of 11,000, the property's price per square foot is $102.27.

It's worth noting that this transaction presents an opportunity for significant growth and development within the Hollywood real estate market.

Players

Nikolay Samokhvalov
Nikolay Samokhvalov
1 deal$1.1M volume
BROKER
Yohann Bensimon
Keller Williams Realty
Yohann Bensimon
23 deals$72.2M volume
BROKER
KZ
Kevin Zarabi
4 deals$9.9M volume
BUYER
MA
Mark Azeez
2 deals$3.3M volume
SELLER

Details

SOLD
IMAGE: IMAGE: @KevinZarabi DATE: 07/14/2020 ADDRESS: 5655 Virginia Avenue MARKET: Hollywood ASSET TYPE: Development Site BUYER: @KevinZarabi SELLER: Mark Azeez BROKERS: Yohann Bensimon @YBensimon88, Nikolay Samokhvalov @NickPetrov – Ikon Capital Advisors @IkonAdvisors PRICE: $1,125,000 BSF: 11,000 PPBSF: $102.27 NOTES: Ground-up development of four-story multifamily complex in the Hollywood Opportunity Zone.

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

$60,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$3,996.89
Cash-on-Cash Return-1.27%
Monthly Debt Service$5,333.07
Annual Debt Service$63,996.89