SoldBroker Activity · Entry № 74

2015-Built -Why I Like it

At $450 Per Square Foot, I'd Rather Buy This Than Build It.

PublishedJuly 2026
StatusSold · Research Complete
DatelineThe Tape · Miracle Mile, Los Angeles
738 S Ogden Dr hero photo
FIG. 01, 738 S OGDEN DR, LOS ANGELES, CA 90036. LISTING PHOTO VIA MARCUS & MILLICHAP.
Four takeawaysFour things an operator takes away from 738 S Ogden Dr.
  1. You Can't Build This for $450/SF.  If you tried to build this project today, you'd likely spend more than $7 million on construction alone. Then add roughly $2 million for the land, plus financing, carrying costs, permits, and three years of entitlement and construction risk. The replacement cost would likely exceed $9 million before collecting the first month's rent.
  2. You Skip Three Years of Risk. Instead of begging DWP to show up, dealing with sub contractors that create construction delays, cost overruns, interest carry, and lease-up, the buyer acquired a stabilized asset that produces income on day one. Save your time, Don't build when you can buy below replacement cost.  
  3. Large Units Hold Their Value.   They're approximately 1,200-square-foot, two-bedroom, condo-style residences with modern finishes, balconies and in a great location.  I like properties with large units.
  4. Save Three Years!  Most developers spend three years trying to create this building. This buyer skipped the headaches and started on day one with a fully built, income-producing asset.
Deal Stats · 738 S Ogden Dr
Sale Price
$7,600,000
confirmed at close
Initial Ask
$8,250,000
$650K bid-ask delta
Price / Unit
$633,333
per door
Price / SF
$450.77/SF
on 16,860 SF
CAP (Current)
5.70%
at close, broker verified
GRM
12.32 GRM
current, at close
NOI
$433,353
in-place, reported
Year Built
2015
not RSO, not AB 1482
Units
12
all 2+2
Days on Market
314
long run
ULA Tax Est.
$304,000
seller-side, ~4% of price
Hold Period
117 months
~9.75 years, NNC Apt Ventures

What an Operator Sees

I see 16,860 square feet of nearly new construction for just $450 per square foot.

That's difficult to replicate today. By the time you buy the land, navigate entitlements, finance construction, and build a comparable project, you're likely investing more than $9 million and waiting three years before collecting your first rent check.

This buyer skipped all of that.

Sometimes the best investment isn't finding the cheapest building. It's buying a high-quality asset for less than it would cost to replace.

That's why I like this deal.

I track every commercial real estate sale in Los Angeles so you don't have to.

If you found this useful, share it.

OMs: David@AtlasBrief.LA

Coming Soon

  1. Atlas Home Pro — Trusted maintenance, capital improvements, and rebuild services for California property owners. AtlasHomePro.com (2027)
  2. Atlas Tax Dispute — Helping California property owners reduce their property tax assessments. https://atlasbrief.la/tax-appeals
  3. Atlas Survival Guide — A growing library of practical playbooks for California property owners covering operations, taxes, insurance, legislation, financing, and more.
  4. Atlas Palisades Rebuild Guide — A free resource connecting Pacific Palisades owners with builders, architects, engineers, subcontractors, suppliers, and rebuilding resources.
Brokers
Buyer & Listing Broker
Neema Ahadian
Marcus & Millichap
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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