$2,195,000 Price Analysis   ♡   Los Angeles, CA 90029 Unknown bed 0 bath unknown SqFt ($0/SqFt) 9,986SqFt lot. Listed 2024-04-10 | Ⓧ USDA Ineligible due to property near Los Angeles |
We are pleased to present a 9
* Has Contingent Offer *986 square foot redevelopment site that is ideal for ED1 located at 4541-4545 Santa Monica Boulevard in Los Angeles, California. The subject property is situated in a prime Virgil Village location two (2) blocks away from Silver Lake, west of Virgil Avenue and north of Santa Monica Boulevard. This offering is positioned on two (2) parcels totaling 9, 986 square feet (SF) of land with a zoning ordinance of LAC2-1D where the D suffix is a limitation to the buildable area of the lot and for conformance to the Vermont/Western Staton Neighborhood Area Plan (SNAP). The property is a rare corner, double-l ot along Santa Monica Boulevard with two (2) points of access for easy development.
The current building is vacant, ready for immediate entitlement process under Executive Directive 1 (ED1). Under the State Density Bonus program CA Code 65915(f)(3)(a)(ii) and pursuant to ED1, the site has no maximum density when qualified as a 100% affordable development (b)(1)(G). Utilizing these guidelines, there is ample potential to design a project at almost any scale, up to around one hundred twelve (112) units while keeping the project under high-rise qualifications. Additionally, the site is AB 2097 eligible, meaning there is no minimum parking requirement for ED1 designs, Buyer to verify. The location carries strong market fundamentals, ranking as one of the highest LA County submarkets for apartment unit market absorption. Positioned in a prime Virgil Village location two (2) blocks away from Silver Lake, this offering presents a rare opportunity for an astute developer to capitalize on redeveloping a rare corner, double-lot under ED1 in a core market of Los Angeles.
Presented by Jason Tuvia at
Marcus & Millichap.
Property MLS #24-378603 from TheMLSCLAW
Lot Size Acres: 0.229247
Lot Size Source: Assessor
Topography: Flat
Lot Size Square Feet: 9986
Calculated Total Monthly Association Fees: 0
County: Los Angeles
Current Use: Vacant Laundromat on a Corner, Double-Lot
Directions: The subject property is situated in a prime Virgil Village location two (2) blocks away from Silver Lake, west of Virgil Avenue and north of Santa Monica Boulevard.
Source Property Type: Land
Possible Use: Under ED1, there is Potential to Build Up to 112 Residential Units while Staying Under High-Rise Qualifications
Area: Silver Lake - Echo Park
Source Neighborhood: Silver Lake - Echo Park
Parcel Number: 5542-026-042
Postal Code Plus 4: 1906
Property Location: City, Corner Lot
Zoning: LAC2
Source System Name: C2C
$2,195,000
TheMLSCLAW
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The property loan eligibility may be subject to additional requirements beyond geographical location including but not limited to the condition of the property. Speak with a real estate professional to find out more about the eligibility of a specific property.