We are excited to present to you this once in a generation opportunity to acquire and redevelop a six-lot assemblage spanning 0.99 acres of land (43,253 square feet) in the highly sought-after Greater-Wilshire neighborhood in prime Los Angeles. These lots have been under the same family’s ownership for more than 50 years, signifying the rare opportunity available to developers. The six lots are equally split between two streets located at 4623, 4627 & 4631 Beverly Blvd and 4718, 4720 & 4726 Oakwood Ave, Los Angeles, CA 90004.
All of the six lots’ current structures are vacant and have been vacant for more than 2 years, and none of the current structures are rent-controlled apartment units, meaning there will be no housing replacement requirements due to the structures that will be demolished.
The zoning of the Beverly Blvd lots is designated as LAC2, and the Oakwood Ave lots are zoned LAR3. Additionally, due to the central location and the impressive 97 walk score, both lots are given Tier 3 status of the Transit Oriented Communities (TOC) incentive program, further increasing the development potential. For the lots on Beverly Blvd, developers can build up to 90 dwelling units with a building envelope of 73,121 square feet, and for the lots on Oakwood Ave, developers can build up to 48 units with a building envelope of 83,359 square feet.
Putting it all together, developers can build up to 138 dwelling units with a combined building envelope of 156,480 square feet per the current zoning on this six-lot assemblage. Using the TOC incentives to achieve this unit count and building envelope comes with a requirement of at least 10% of the units being set aside for low-income families. That equates to a minimum of 14 affordable housing units when building the maximum 138 units, leaving 124 market-rate units without any rent control limitations.
Furthermore, the recently enacted AB-2221 allows a developer to account for accessory dwelling unit (ADU) potential from the start of planning, rather than waiting for certificate of occupancy and then applying for additional ADUs. Per the ADU laws, a developer can add up to 25% of the total unit count which means an additional 34 accessory dwelling units (ADUs) can be added. This brings the total number of potential units to an impressive 172. Notably, this expansion does not affect the maximum building envelope, which remains at 156,780 square feet, and it does not require any additional affordable housing units. Therefore, the final 172 units would be split into 14 affordable units (8%) and 158 market-rate units (92%).
In summary, this outstanding opportunity provides developers with over 156,000 square feet of building space to fit up to 172 units in. This translates to average unit sizes of around 750 - 800 square feet, depending on the percentage of the building given to non-residential use (lobby, fitness center, hallways, etc.). This average unit size allows ample room for developers to curate an attractive unit mix that includes the full spectrum of unit types from smaller studio apartments to large 3-bedroom units and everything in between.
