SoldBroker Activity · Entry № 105

$250 a Foot for West LA dirt.

Three houses. The buyer wants to build apartments.

PublishedAugust 25, 2026
StatusSold · Just Closed
DatelineThe Tape · Olympic Corridor, Los Angeles
1463-1467 Wellesley Ave hero photo
LISTING PHOTO VIA COSTAR.
Four takeawaysFour things an operator takes away from this Wellesley Ave land trade.
  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. 
Deal Stats · 1463-1467 Wellesley Ave
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

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. 

Operator Take

Three houses on the lot today.

66 days. Almost full ask.

I don't have any data on how many units the developer wants to build here.  

I'm keeping the land basis.  $250/SF is 35-50% below pricing from five years ago.  

I'm researching the market to make better investment strategies. I'm sharing what I find along the way with other investors to have discussions, debates and help make better decisions.

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Property and transaction data: CoStar Research.
Brokers
Listing Broker
Janet Neman
Kidder Mathews
Buyer Broker
David Saghian
Lyon Stahl Investment Real Estate
Written from the field

David Safai, operator, developer, GC.

Atlas Home Builders, Inc. is a Los Angeles owner-operator and general contractor. If you are a broker with a listing you want an honest read on, send the OM and the T-12 to David@AtlasBrief.La.

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