Description
Located between Melrose Ave and Beverly Blvd, the subject property features two parcels totaling 13,615 in the heart of the Hollywood StudioDistrict adjacent to the Hollywood Historic Hotel.The current structures consist of twelve bungalow-style units consisting of one-bedroom units which will be delivered100% vacant, no relocations or buyouts necessary.This offering presents a developer the opportunity to purchase a sizable lot ideal for a multifamily development project. The parcels are currently zoned R3-1; there are no plans or entitlements in-place currently. This is an opportunity for a developer to build17 units by-right.The Hollywood market remains one of the most desirable submarkets for living and working. With over 100,000 people living within one-mile and an average home value of over $840,000within a three-mile radius, the demand for apartment units continues to increase year-over-year. The subject property has a walk score of 90 and offers direct access to the 101 Freeway and a short walk to the Metro Local Lines on Western & Melrose
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0BEDS
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0.16ACRES
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0BATHS
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01/2 BATHS
School Ratings & Info
Description
Located between Melrose Ave and Beverly Blvd, the subject property features two parcels totaling 13,615 in the heart of the Hollywood StudioDistrict adjacent to the Hollywood Historic Hotel.The current structures consist of twelve bungalow-style units consisting of one-bedroom units which will be delivered100% vacant, no relocations or buyouts necessary.This offering presents a developer the opportunity to purchase a sizable lot ideal for a multifamily development project. The parcels are currently zoned R3-1; there are no plans or entitlements in-place currently. This is an opportunity for a developer to build17 units by-right.The Hollywood market remains one of the most desirable submarkets for living and working. With over 100,000 people living within one-mile and an average home value of over $840,000within a three-mile radius, the demand for apartment units continues to increase year-over-year. The subject property has a walk score of 90 and offers direct access to the 101 Freeway and a short walk to the Metro Local Lines on Western & Melrose
Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-04-12T23:42:34.7. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.