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Pico BWB LLC Acquires Multifamily Development Site In Los Angeles For $24M With CBRE Representation
SOLD
$24,000,000
California
See Similar DealsDevelopment Site
Sold 08/07/2025
SOLD
Pico BWB LLC Acquires Multifamily Development Site In Los Angeles For $24M With CBRE Representation
9700 West Pico Boulevard
See Similar DealsDevelopment Site
Sold 08/07/2025
Summary
CALIFORNIA
Asset Type:Development Site
Transaction Type:Sale
Pico BWB LLC acquired a 1.73-acre multifamily development site located at 9700-9740 West Pico Boulevard in Los Angeles. The transaction was completed for $24,000,000 in a market characterized by strong demand for multifamily units. The site allows for the development of over 200 residential units, responding to the robust occupancy rate of 95.4% in West L.A.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $24,000,000
- Address: 9700-9740 West Pico Boulevard
- Market: Los Angeles
- Acres: 1.73
- Buyer: Pico BWB LLC
- Broker: Melinda Russell & Joshua Samuels - CBRE
This transaction sees Melinda Russell and Joshua Samuels representing CBRE as the brokers involved in the deal. The property drew a competitive interest with 11 offers received within a 45-day period, reflecting the attractive nature of the West L.A. multifamily market.
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,279,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$85,266.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$113,772.24
Annual Debt Service$1,365,266.93
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