Ariel Sayani & Jordan Petito Purchase Development Site On South Figueroa Street For $1.25M
SOLD
$1,250,000
California
See Similar DealsDevelopment Site34,000 SF
Sold 04/15/2024
SOLD
Ariel Sayani & Jordan Petito Purchase Development Site On South Figueroa Street For $1.25M
6719 South Figueroa Street & 6801 South Figueroa Street
See Similar DealsDevelopment Site34,000 SF
Sold 04/15/2024
Summary
CALIFORNIA
Asset Type:Development Site
Price Per Square Foot:$36
Total Square Footage:34,000 SF
Transaction Type:Sale
The development site located at 6719 & 6801 South Figueroa Street in Los Angeles has been sold for $1,250,000. Spanning 17,000 square feet, the transaction resulted in a price per square foot of $74.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $1,250,000
- Buyer: Ariel Sayani & Jordan Petito
- Seller: Jack Konjayan
- Buyer's Representative: Jordan Petito - Partners CRE
- Address: 6719 & 6801 South Figueroa Street
- Market: Los Angeles
Ariel Sayani and Jordan Petito acquired the property with plans to entitle 105 units through Los Angeles's new ED1 program, aiming to develop affordable housing.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$66,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$4,440.98
Cash-on-Cash Return-1.27%
Monthly Debt Service$5,925.64
Annual Debt Service$71,107.65
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