10405 Louisiana Avenue presents a rare opportunity to acquire a prime 16 unit development opportunity (Buyer to verify) located in one of the best rental locations in prime West Los Angeles. A short stroll to Century City, the property currently consists of a 10 unit apartment building built in 1952 consisting of 80% two bedroom units. There is significant rental upside upwards of 100%, as current rents average only $1.37 per square foot.
The property is situated on a very large 13,231 square foot lot zoned R3-1. There is no Q condition in place, and the site is not located in the preliminary fault rupture study (per Zimas). By right, current zoning allows for a 16 unit development. Condominiums in the immediate vicinity have sold for over $800 per square foot, and rental rates have exceed over $4 per square foot. This affluent location commands a high end development project that sets market comparables.
10405 Louisiana Avenue is situated just off prestigious Beverly Glen Blvd., quietly tucked away amongst mostly single family residences. The site affords a developer the unique opportunity to build a new 16 unit luxury development (Buyer to verify), walking distance to the best Los Angeles has to offer.
