The Tape
1463-1467 Wellesley AveSold

$250 a Foot for West LA dirt.

Three houses. The buyer wants to build apartments.

By David SafaiFollow

At a glance

Sale Price
$3,920,000

closed Aug 6, 2026

List Price
$3,950,000

initial ask

Bid-Ask Delta
$30,000

seller conceded

Price / Land SF
$250/SF

15,682 SF lot

Price / Acre
$10.89M

0.36 acres

Zoning
R2-1

two APNs

Hold Period
55 months

seller hold

ULA Status
Below Threshold

no mansion tax triggered

Transfer Tax
$17,640

recorded Aug 6, 2026

Assessed Total
$3,406,476

tax year 2025

What matters

  1. $3.92 million on August 6.The ask was $3.95 million. They came off $30,000, about 1%. It sat 66 days.  Pretty impressive.  
  2. 15,682 SF of land on Wellesley.$250 a foot.  Proposed use is apartment units.
  3. True seller Bo Zarnegin.They held it 55 months.  David Saghian at Lyon Stahl was on the buy side. Janet Neman and Angelica Gotzev at Kidder Mathews listed it.
  4. This is land. No GRM. No cap. This can turn into a 40-70 unit apartment project. 
1463-1467 Wellesley Ave photo
LISTING PHOTO VIA COSTAR.

The Location

Wellesley Avenue sits in the Olympic Corridor submarket, a strip of West Los Angeles that runs between Santa Monica and Pico, roughly bounded by Bundy to the west and Westwood to the east. Zip code 90025. The one-mile demographic ring shows 52,060 residents, median household income of $106,850, and 50,671 daytime employees. 

What an Operator Sees

A buyer closed $3.92 million on August 6 for the 1463–1467 Wellesley assembly — 15,682 square feet of R2-1 land at about $250 a foot — after a $30,000 trim from the $3.95 million ask and 66 days on market. Proposed use is apartments. Seller Bo Zarnegin had held about fifty-five months. Assessed improvements are nominal; this traded as dirt.

Three houses on the lot do not make this an income deal.

For West LA owners and small developers, the second-order read is the land number itself: $250 a foot cleared in 90025 for an apartment thesis. That is the hurdle for the next R2 assembly on the Olympic Corridor — and anyone still quoting peak land from five years ago without a live entitlement path is talking to themselves.

I research these transactions to sharpen my own investment strategy and share what I find so Los Angeles owners, brokers and investors can debate the market with better information.

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Listing / brokerage: Kidder Mathews (Janet Neman). Property and transaction data: CoStar Research.

Write to David Safai at David@AtlasBrief.La

Appeared in the Sept. 5, 2026 edition of The Tape.