Description

Aegis Management, Inc. is pleased to offer this unique development opportunity in one of Los Angeles' most desirable neighborhoods to market for $2,000,000! The subject property is located on Hyperion Street, one block west of Griffith Park Boulevard, just south of theTracy Street / Hyperion Avenue "Y" Intersection, about three (3) blocks west of the actual Silver Lake Reservoir, within the Silver Lake community of Los Angeles. The 10,058 sq. foot-lot is zoned C2-1VL allowing by right a variety of uses including apartments as well as office, retail, warehouse and other commercial uses. The existing site consists of a vacant office property, and a metal storage warehouse, both of which will be vacant at the close of escrow. One of the commercial spaces is currently leased to an auto upholstery tenant who pays $1,500 / month on a month to month tenancy. There is also a billboard lease on site which pays $200 / month. Hyperion Ave is a major thoroughfare in the popular Silver Lake neighborhood which continues to be in high demand due to it's cultural vibrancy and attractive infrastructure including parks, green space and excellent freeway accessibility. 61% of Silver Lake residents are under the age of 44 and 63% of residents hold a bachelor's degree or higher per Niche.com. Also per Niche.com, 61% of residents rent their homes, and this affluent renter should facilitate increased rental growth and demand as well as property appreciation well into the future. Do not miss this opportunity to develop in one of LA's hottest neighborhoods at an attractive price!