Integrity, Experience, Dedication,... Outstanding Results!

Hollywood (Los Angeles, California, US - 90029) Built

$3,850,000
Development of up to 36 units apartment building

The Real Estate Group,Inc.

Dorene Slavitz Dorene Slavitz (310) 540-0072 (Office) (310 ) 540-0072 (Office) (213) 705-4270 (Cell) (310) 540-8336 (Fax) Request More Info

  • Greatly located property for sale in Hollywood, CA
  • Type: Commercial
  • Style: Apartment
  • Size: 5,007 sq. ft.
  • Development Level: Built
  • Suite: Yes

Description

Greatly Located Property for sale, that gives a possibility to develop an Apartment Building approx. 36 units or use as a Retail for Restaurant/Banquet Hall or any commercial use after remodeling.

TOC Tier 4.

Great location on 1161 N. Vermont in Hollywood, CA 90029.

It is a vacant building/property for now.

Buyer to conduct his/her own investigation with the City of LA. Brokerage and/or Agents aren't responsible in any way for any info below. This is for educational and general informative purposes only.

Lot is zoned C2-1D: The C2 is commercial, the 1D indicates that there is a development restriction on the property. This will require some deeper investigation to determine what it is. There are 10 ordinances which affect this property. All of these will need to be investigated to determine this. It will take a good deal of time and may require a visit(s) to City Hall.

Adjacent Zone is RD1.5-1XL: This adjacency will limit how the property mass and volume are developed. The city has a required sloping mass diagram for TOC projects which are adjacent to residential property, to protect the RD site from a massive adjacent structure. This adjacent zone may also be part of the reason for the Development limitation on the site.

Lot is approximately 75 x 105 ft or 7875 sf ft. 19 units under standard entitlement.

Lot is Transit Oriented Community TOC Tier 4. This is the highest Tier available.
a. 80% additional units
b. Floor Area increase to max 4.25 of site
c. Max height increased by 22 feet (this may not apply as the 1D normally would indicate no height Limit The D portion may be a limit on height.
d. No parking is required. 0. None.

Lot is in the Vermont Western Station Plan Specific Plan area (SNAP) Subarea C. There are specific development requirements for this property under this specific plan, that will need to be reviewed.
There the specifics had to do with amounts of commercial area, site development constraints etc. Design review was only thru the planning department.

The final TOC counts:

36 residential units. Average size is about 500 sf. depending on the amount of area set aside for commercial.

If parking is provided, the site is small, so the amount of below grade parking will be limited. Likely around 18-20 spaces or so. The site it too small to add a second level. Only 1 level of parking below grade would be possible. Some additional on grade parking could be arranged for the commercial space.

Attachments

Brokered and Advertised by : City Center Realty Group
P2#329835626
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Information is deemed to be correct but not guaranteed.