Jason Tuvia
Marcus & Millichap
818-212-2700
We are pleased to present a 9,986 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 Station Neighborhood Area Plan (SNAP). The property is a rare corner, double-lot 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.
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Total Baths: 0
Full Baths: 0
Half Baths: 0
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.2292
Lot Size Source: Assessor
Lot Size Square Feet: 9986
Original List Price: 2,195,000
Listing Contract Date: 2024-04-10
Listing Agreement: Seller Reserved
Parcel Number: 5542026042
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: C21 - Silver Lake - Echo Park
Postal Code Plus 4: 1906
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.
Zoning: LAC2
Source Property Type: Land
Area: C21 - Silver Lake - Echo Park
Year Built Source: Vendor Enhanced
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
933 N Mariposa Avenue, Los Angeles, CA,90029 | $3,200,000 | -- | -- | 6,426 | 9000 Sqft |
5017 Institute Place, Los Angeles, CA,90029 | $2,900,000 | -- | -- | 8,080 | 5746 Sqft |
811 N Kenmore Avenue, Los Angeles, CA,90029 | $1,149,000 | 3 | 2 | 1,555 | 5148 Sqft |
806 N Oxford Avenue, Los Angeles, CA,90029 | $1,329,000 | 4 | 2 | 1,700 | 5970 Sqft |
867 N Alexandria Avenue, Los Angeles, CA,90029 | $2,200,000 | 6 | 6 | 4,040 | 5130 Sqft |
867 N Alexandria Avenue, Los Angeles, CA,90029 | $2,200,000 | 2 | 1.5 | 4,040 | 5130 Sqft |
1214 N Kingsley Drive, Los Angeles, CA,90029 | $3,500,000 | -- | -- | 6,703 | 7893 Sqft |
5449 S Virginia Avenue, Los Angeles, CA,90029 | $1,850,000 | 10 | -- | 4,877 | 7502 Sqft |
932 N Kingsley Drive, Los Angeles, CA,90029 | $1,250,000 | -- | -- | -- | 9035 Sqft |
803 N Kingsley Drive, Los Angeles, CA,90029 | $2,600,000 | 14 | 16 | 5,390 | 7314 Sqft |
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ByOwner last updated this listing 05/25/2024 @ 10:59
MLS: 24378603
LISTED BY: Jason Tuvia, Marcus & Millichap
SOURCE: CRMLS
Buyer Agency Compensation: 2%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.