$1,995,000

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.

Listing Map