The Oriental Mission Church Sells Development Site In Los Angeles For $3.05 Million

The property asset involved in this transaction is a development site located at 4705 Elmwood Avenue in Los Angeles. The sale price was $3,050,000, and the site has a total square footage of 14,499, which translates to a price per square foot of $210.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $3,050,000
• Address: 4705 Elmwood Avenue
• Market: Los Angeles
• Square Footage: 14,499
• Price Per Square Foot: $210
• Seller: The Oriental Mission Church
• Buyer's Representative: Sanaz Sepidar - Compass
• Seller's Representatives: Filip Niculete, Glen Scher & Matt Ziegler - Marcus & Millichap
• Closing Timeline: 53 days
• Due Diligence Period: 21 days
• Closing Type: Efficient Terms

The deal was facilitated by the real estate firms Marcus & Millichap and Compass, which marketed the site as a versatile opportunity for multiple development paths. The buyer, an experienced local developer, plans to pursue a ±40-unit market-rate multifamily or mixed-use project, taking advantage of the site's C2-1 zoning.