Description

We are pleased to present a prime double lot multifamily development opportunity at 900-906 N Alvarado St, situated in the highly desirable Echo Park neighborhood of Los Angeles. This property, located between Sunset Blvd and the 101 Freeway, just two blocks from Echo Park Lake, spans a 15,000 SF lot zoned C2-1VL & RD2-1VL within a Tier 2 TOC, making it a unique acquisition for developers.900-906 N Alvarado St offers significant investment potential with over 100feet of frontage on a street that attracts over 33,000 vehicles daily. Investors can leverage the TOC density increase to construct up to 47 units. Current ownership has preliminary plans for such a project, including two levels of subterranean parking, although developers could potentially eliminate parking requirements via AB 2097 (verification needed by buyer). Alternatively, the property holds potential for unlimited density under AB 2345 and expedited entitlements through Executive Directive 1, particularly if a 100% affordable housing project is pursued. With a high Walk Score of 93, the property is 1.5 miles from the Metro Red Line and within walking distance of multiple Metro Local Line bus stops along N Alvarado St. Its central location is advantageous for residents commuting throughout the city, with proximity to Downtown Los Angeles, Koreatown, Westlake, and Silver Lake. Additionally, it is within walking distance of retail options along Sunset Blvd and the LA Downtown Medical Center. The rental market in this area is thriving, as evidenced by several new developments under construction nearby, including 2225W Sunset Blvd (176 units), 3004 W Sunset Blvd (74 units), and Inspire Echo Park at 355 Glendale Blvd (90 units). This growth underscores the investment potential of 900-906 N Alvarado St, making it an attractive opportunity for developers.