$1,399,000

REDUCED! We are proud to exclusively present for sale a redevelopment opportunity in the Melrose Hill neighborhood of Los Angeles that is asking for a new life. The 7,265 SF C1-1D Tier 2 Lot is located on Melrose Ave., between N. Oxford Ave. & Hobart Blvd. With easy access to the 101 freeway, this central location makes a commute to Downtown or anywhere in Los Angeles a breeze. Currently, the plan check for demoing the single family residence is completed! The Seller has begun Plan Check work to build a 3 Unit Apartment Building and 2 ADUsthough a Buyer can pivot to up to 16 Units plus ADUs. With an SB8 Replacement Unit Determination Letter stating that "No units are subject to replacement as an affordable 'protected unit' on this site", a developer can build by right without needing to dedicate any units to low income/affordable housing. Plans are available for a quick 5 unit project (recently submitted to Plan Check) or max out density via TOC and build 16 & ADUs. This site is tucked in between Hollywood, East Hollywood and Koreatown - all of these areas in Los Angeles are going through tremendous redevelopment and all have great nightlife and amenities for future residents. The home is currently boarded up and vacant (after some fire damage) and will be delivered vacant.

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