Description

Price Reduced! We are pleased to exclusively present for sale a Development Project consisting of 30 Units + 3 potential future ADUs, in the East Hollywood neighborhood of Los Angeles. The property is within an Opportunity Zone. Situated on N. Heliotrope Blvd., and just a short walk north of Santa Monica Blvd., this 6,750 SF [Q] C2-2D Tier 4 lot has 50 feet of frontage. The SFR on site will be delivered vacant. Only 4 Units dedicated to Extremely Low Income; all other units are market rate units. The design consists of nine Studio Units, eighteen 1+1 Units, two 2+1 Units and one 3+1 Unit, totaling 12,616 rentable square feet plus possible ADUs. Only four units will be dedicated for extremely low-income residents, while the rest will be market rate. The potential ADUs would be built in the Recreation Room, which can probably be converted to two Studio ADUs, with the possibility to also convert the Bicycle Storage Room, which could accommodate one 1+1 ADU - further increasing the Rentable Square Footage. This project takes advantage of the TOC Tier 4 base incentive by provided zero parking spaces. The property is a short 5 min walk to the Vermont / Santa Monica Metro Subway Station and the Los Angeles City College. This site is tucked into East Hollywood, between Hollywood, Silver Lake, Los Feliz and Koreatown - all areas in Los Angeles that are going through or have already gone through tremendous redevelopment, all with a great nightlife scene and amenities that future residents may desire. Walk Score calls this area a Walker's Paradise! With a convenient and central location, quick access to the 101 freeway and about 3 blocks away from the Metro Station, this property should be an easy commute to anywhere in the Greater Los Angeles. Project in the process of getting to "RTI" status selling the project "as-is".