Brennen Hakimian Acquires Development Site In Beverly Grove For $2.7M
SOLD
$2,700,000
+ 1
California
See Similar DealsDevelopment Site27,000 SF
Sold 11/15/2020
SOLD
Brennen Hakimian Acquires Development Site In Beverly Grove For $2.7M
8447 Romaine Street, Los Angeles, CA, USA
See Similar DealsDevelopment Site27,000 SF
Sold 11/15/2020
+ 1
Summary
CALIFORNIA
Asset Type:Development Site
Price Per Square Foot:$100
Total Square Footage:27,000 SF
Transaction Type:Sale
An R4-1 zoned development site located at 8447 Romaine Ave in the Beverly Grove market has been sold for $2,700,000. The transaction took place on November 15, 2020. The property has a buildable square footage (BSF) of 27,000, resulting in a price per buildable square footage (PPBSF) of $100.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $2,700,000
- Address: 8447 Romaine Ave
- Market: Beverly Grove
- Zoning: R4-1
Brennen Hakimian purchased the property from Mark Ray. The deal was facilitated by brokers Michael Monempour, Michael Kamara, and Michael Sterman.
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$144,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$9,592.53
Cash-on-Cash Return-1.27%
Monthly Debt Service$12,799.38
Annual Debt Service$153,592.53
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