Updated Dec 4, 2024
Ariel Sayani & Jordan Petito Purchase Development Site On South Figueroa Street For $1.25M
6719 South Figueroa Street & 6801 South Figueroa Street
$1,250,000
$36/SF
Building Size
17,000 SF
Asset Type
Development Site
Closing
Apr 15, 2024
About this deal
AI
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.
On the Map
$1,250,000
$36/SF
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
12.69%
Cash-on-Cash
-3.63%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93