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Michael Clinton Purchases Development Site At 5820 Lexington Avenue From Paul Schon And Kerolos Zaki For $4.65M

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SOLD
$4,650,000
Ben Lee
PS

California

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Development Site
Sold 11/24/2025
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Property Image
SOLD

Michael Clinton Purchases Development Site At 5820 Lexington Avenue From Paul Schon And Kerolos Zaki For $4.65M

5820 Lexington Avenue

See Similar Deals
Development Site
Sold 11/24/2025
Ben Lee
PS
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Development Site
Transaction Type:Sale

This development site located at 5820 Lexington Avenue in Los Angeles was sold for $4,650,000. The project consists of 97 total units, and the price per buildable unit is $47,938. It is fully entitled for a 100% affordable project, designed by Jeff Zbikowski Architecture, and is strategically situated near the historic Hollywood Forever Cemetery.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $4,650,000
  • Buyer: Michael Clinton
  • Seller: Paul Schon & Kerolos Zaki
  • Broker: Ben Lee – The Ben Lee Group
  • Architect: Jeff Zbikowski
  • Market: Los Angeles
  • Price per Buildable Unit: $47,938
  • Units: 97

The Ben Lee Group facilitated this transaction, marking only the third RTI ED1 sale of 2025 and the largest entitled ED1 project to be traded this year. In this deal, the seller successfully exited their investment, while the buyer aims to provide essential affordable housing in the Hollywood submarket.

Players

Ben Lee
Marcus & Millichap
Ben Lee
2 deals$8.9M volume(347) 579-3071
BROKER
PS
Paul Schon
7 deals$65.1M volume
SELLER

Details

SOLD
IMAGE: Jeff Zbikowski, Paul Schon, Kerolos Zaki & Ben Lee DATE: 11/24/2025 ADDRESS: 5820 Lexington Avenue MARKET: Los Angeles ASSET TYPE: Development Site BUYER: Michael Clinton SELLER: Paul Schon (@PaulSchon1) & Kerolos Zaki (@KerolosmZaki) BROKER: Ben Lee (@BenLee.IG) – The Ben Lee Group ARCHITECT: Jeff Zbikowski (@JZarchitecture) SALE PRICE: $4,650,000 PRICE PER BUILDABLE UNIT: $47,938 NOTE FROM BROKER: The Ben Lee Group has successfully brokered the sale of 5820 Lexington Ave, an entitled ED1 / 100% affordable project delivered fully entitled for 97 units. The project is designed by leading architecture firm Jeff Zbikowski Architecture @jzarchitecture and is located just two blocks north of the historic Hollywood Forever Cemetery. This project capitalizes on the Mayor’s Executive Directive 1, seeking both on-menu and off-menu incentives to enhance density, and to reduce yard and open space requirements, thereby optimizing a diverse mix of studios, one-bedroom, and two-bedroom residences. This marks only the third RTI ED1 sale of 2025 and represents the largest entitled ED1 project to trade this year. In a challenging market, the seller was able to execute a successful exit, while a mission-driven buyer steps in to deliver much-needed affordable housing to Hollywood. A win for both parties resulting in the imminent production of 97 units in the Hollywood submarket.

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

$247,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$16,520.47
Cash-on-Cash Return-1.27%
Monthly Debt Service$22,043.37
Annual Debt Service$264,520.47