$1,995,000

1524 N Alexandria Avenue, Los Angeles, CA 90027

2

Beds

1

Bath

1,131

Square feet

6,832

Lot Size

Listing Agent
Tadeh Minassian - Marcus & Millichap

We are pleased to present a development opportunity in the East Hollywood submarket located at 1524 N Alexandria Ave, which is located within walking distance to Barnsdall Art Park, Kaiser Permanente Los Angeles Medical Center, Children's Hospital Los Angeles, and Hollywood Presbyterian Medical Center. The property is located in an opportunity zone just north of Sunset Blvd and sits on a 6,832 square foot lot zoned RD1.5-1XL. An investor will be able to build four units and may be able to utilize SB 13, AB 68 and AB 881 to add one or two additional Accessory Dwelling Units to the future development. Although the zoning does include a Tier 3 TOC, an investor will not be able to utilize the bonus because the zoning will not allow for at least 5 units by-right. The property currently does not have entitlements or approved plans for development. There is currently an occupied 1,131 SF single family home being rented for $2,900/month that can provide rental income during the entitlement period, due to the high demand for rentals in the East Hollywood submarket and can help off-set some of the carrying costs that a development project will typically include. The home can also be delivered vacant, if the Buyer chooses so, but most importantly, there will not be any rent control restrictions on the redevelopment project since the home is not subject to LA Rent Stabilization Ordinance. It is also typical for 4-unit development projects have a more expedited permitting process and can potentially break ground in shorter time periods, since they are classified as residential projects.

Facts & Features

MLS® # 22166611
Price $1,995,000
Bedrooms 2
Bathrooms 1.00
Full Baths 1
Square Footage 1,131
Lot Size 6,832
Year Built 1920
Type Residential
Sub-Type Single Family Residence
Status Active

Community Information

Address 1524 N Alexandria Avenue
Area C20 - Hollywood
City Los Angeles
County Los Angeles
State CA
Zip Code 90027

Amenities

Parking Spaces 1
Parking Driveway
Garages Driveway
View None
Is Waterfront No
Has Pool No
Pool None

Interior

Interior Laminate
Heating Wall Furnace
Has Basement No
Fireplace Yes
Fireplaces None
# of Stories 1

Additional Information

Date Listed June 10th, 2022
Days on Market 15
Zoning LARD1.5
Foreclosure No
Short Sale No
RE / Bank Owned No
HOA Fees 0.00

Listing Details

AgentTadeh Minassian
OfficeMarcus & Millichap

Listing Map

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