1248 N Cherokee Ave
Los Angeles, CA 90038
The Cherokee Development Site · Land For Sale · 0.24 AC

A rare double lot assemblage on this quiet multifamily zoned and tree-lined street in Hollywood could be the perfect site for your new multifamily development project. Whether you aim to deploy a more conventional methodology of design and density calculation or take advantage of certain timely legislation for creating affordable housing, the location will support a wide range of site utilizations. The rarity of the site is accentuated by the fact that the triplex on one of the lots is vacant. Architectural Schematic Plans: We’ve worked with our seller in conjunction with Aaron Brumer & Associates Architects to fine tune an architectural schematic set of plans which can be leveraged as the benchmark for an entitlement submittal set. We review the specifications of this architectural study herein. No Restrictive Zoning Overlays: The site is NOT located in the Hollywood RPA (Redevelopment Agency), the SNAP (Vermont Western Specific Plan), and the existing improvements are NOT listed anywhere we can detect as having historic significance (No resource codes or HPOZ). Site is located within the Opportunity Zone Diligence materials include: 2023 property survey with CAD 2023 geotechnical report contemplating scope of development articulated by the Aaron Brumer schematic by AES 2023 architectural schematic plans by Aaron Brumer & Associates Architects Existing improvements are financeable and provide interim cashflow: 1254 N. Cherokee Ave. APN: 5532-002-017. A 3+2 SFR currently rented month to month for $3,990. 1246-1248 N. Cherokee Ave. APN: 5532-002-018. A vacant triplex consisting of a 3+2 and two studio units. The property has been vacant for about one year previously soley occupied by prior owner (now deceased). Income documentation is not available for prior occupant. LAHD has ruled with an approved RUD that none of the existing units on site are or have been inhabited by low income tenants. AB 2334 – Very Low VMT: 100% affordable housing development projects located in these areas are permitted unlimited density and are granted an additional three stories, or 33 feet in height, as well as four incentives/concessions. For more information, please refer to the Department's AB 1763/SB 2345 memo. Market rate driven DB projects will have parking limitations of 0.5 spaces/unit regardless of room counts on those units.