Hollywood Residential Opportunity Fund Acquires Development Site On Virginia Ave For $1.6M
5832 Virginia Avenue
$1,595,000
$145/SF
Building Size
11,000 SF
Asset Type
Development Site
Closing
Oct 25, 2019
AI
The development site located at 5832 Virginia Avenue in Hollywood has been sold for a price of $1,595,000. The property consists of 11,000 square feet and is being sold as a development opportunity.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $1,595,000
- Square Footage: 11,000
- Address: 5832 Virginia Avenue
- Market: Hollywood
The buyer of the property is Hollywood Residential Opportunity Fund, represented by Kevin Zarabi. The seller of the property is Alex Galuz. The transaction was facilitated by Crescent Realty.
It is worth noting that the development site is ready-to-issue (RTI) for an 11,000 square foot apartment complex. This project will be the first to break ground for the Hollywood-focused Opportunity Zone Fund.
Players
Los Angeles Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
9.95%
Cash-on-Cash
-2.84%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93