Description

Great value-add or development opportunity in a prime West Los Angeles location. Current rents are approximately 36% below market, offering immediate upside through repositioning. Alternatively, the property serves as a strong interim hold for a covered land play with significant future redevelopment potential. The existing improvements consist of two twin 8-unit apartment buildings (16 units total) built around a landscaped courtyard. Each building contains approximately 4,420 SF (8,840 SF combined), primarily comprised of smaller one-bed/one-bath units averaging 556 SF. The property sits on an oversized 18,783 SF lot with 16 open parking spaces, with room for additional parking spaces or other options. Priced at $213/SF for the land, this Property is zoned [Q] LAR3-1-O, Tier 3. This site allows for density with bonus to support the development of up to 48 units with a 4.5:1 FAR, which would allow approximately 84,500 buildable square feet. A new 6- to 7-story development could be built, with flexibility to allocate additional square footage for ADUs, amenities, or community rooms.