REDUCED!
Partners CRE are proud to exclusively present for a sale an ED1 Redevelopment Opportunity in Picfair Village, Los Angeles.
Situated on S. Orange Grove Ave., between Pico Blvd. and Saturn St., this 7,125 SF [Q] R3-1-O Tier 3 lot is very close to the Pico & Fairfax intersection.
The existing Triplex, consisting of all 1+1s, is vacant and perfect for a rehab and owner-user.
The Project Plans are already submitted to Los Angeles Building and Safety and Letter of Determination has been issued. Consisting of eight 1+1 and eight 3+1 units, the Project has been designed with special attention to detail. Three of the units will be dedicated to Extremely Low Income households. With on-grade (and no subterranean) parking, this Project will provide 5 parking spaces.
An alternative lucrative project can potentially utilize ED1 - for which this site is eligible. Dedicating 100% of the rental units to Affordable Housing can potentially increase the density of a redevelopment project to 39± units. The Two 100% Affordable Housing development scenarios that can potentially be built are: 31± units, 4 Story Type V Construction or 39± units, 5 Story Type III Construction.
The neighborhood features average household incomes almost $117,000 in a 1 mile radius, showing that this area attracts a high-earning rental pool.
This very central location, surrounded by a great variety of restaurants, nightlife and shopping, is walking distance to Vons and a short drive to LACMA, The Grove and The Farmers Market, among others. The area is designated as Very Walkable by Walk Score.
Easy access to 10 freeway makes this property an easy to commute around Los Angeles.
