Brennen Hakimian Acquires Development Site In Beverly Grove For $2.7M
8447 Romaine Street, Los Angeles, CA, USA
$2,700,000
$100/SF
Building Size
27,000 SF
Asset Type
Development Site
Closing
Nov 14, 2020
AI
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
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
5.88%
Cash-on-Cash
-1.68%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93