Description

Opportunity to acquire 1121 S Spaulding Ave, a rare development and value-add opportunity ideally located near the Beverly Center and Miracle Mile in one of Central Los Angeles' most desirable and centrally connected residential neighborhoods.The property consists of approximately 6,828.6 SF of land with R3-1-O zoning and a Transit Oriented Communities Tier 3 designation, creating a compelling opportunity for multifamily redevelopment. The site is currently improved with an approximately 1,775-SF single-family residence, providing a buyer with multiple potential strategies, including redevelopment, renovation, owner-user occupancy, interim rental income or a longer-term hold. Prior architectural plans were prepared for a five-story, 17-unit multifamily development over one level of subterranean parking. The proposed project included three one-bedroom units, 12 two-bedroom units and two three-bedroom units, including two extremely low-income units. Although the plans have expired, they provide useful preliminary design work and illustrate the scale of multifamily development previously contemplated for the property. Buyer must independently verify all zoning, density, incentives, entitlement requirements, parking requirements, plan ownership and development feasibility. The existing single-family residence also creates an alternative path for an investor or owner-user seeking to renovate, reposition, expand or potentially rebuild the existing home. This flexibility distinguishes the offering from a traditional land opportunity by supporting multiple potential business plans and allowing a buyer to determine the optimal strategy for the property. The property is ideally positioned near the Beverly Center, Miracle Mile, Beverly Hills, Mid-Wilshire and West Hollywood, offering convenient access to many of Los Angeles' premier employment centers, cultural destinations, restaurants, shopping and entertainment amenities. Development opportunities offering this combination of multifamily zoning, TOC designation, existing residential improvements and a central Los Angeles location are increasingly difficult to find.1121 S Spaulding Ave represents an exceptional development, renovation or owner-user opportunity with multiple paths to value creation.