Description
The subject properties are being entitled to build 52 units in East Hollywood, a qualified Opportunity Zone. The adjacent parcels are currently being entitled for two 26 unit projects, each with 13 Studios and 13 One bedrooms. Each project would have 4 affordable units. A Buyer can continue with the current plans, or create new plans to potentially construct a 62 unit project by utilizing TOC Tier 4 incentives. There are agreements in place to vacate the existing structures without any fees to be paid by buyer.
The immediate neighborhood is undergoing a rapid transition with a number of multifamily and commercial developments recently completed or in progress. A 29 Unit Mixed Use Building is planned on the corner of Lexington and Vermont. A 68 Unit Project is planned on Melrose and Ardmore. On the 600-700 Block of Virgil Ave, three new projects are planned totaling 91 units.
The location is within easy walking distance of the Santa Monica Blvd/Vermont Metro allowing for a vehicle free lifestyle. Blocks away is Virgil Village, an area that has begun to attract young families, millennials and East Coast transplants due to an influx of accomplished chefs and proximity to Los Feliz and Silverlake. The rest LA of the can be reached by Metro or the 101 Freeway. Nearby food and culture amenities include immensely popular Sqirl, The Virgil Bar, Vinovore, and ROAM LA yoga.
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Two adjacent 26 unit projects
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Up to 62 units allowed under TOC 4 guidelines
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Parcels are located in a Qualified Opportunity Zone
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R4 Zoning allows for tidy unit sizes, maximizing project rent/SF
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Trendy restaurants & night life are within walking distance
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Existing units can be delivered vacant
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Walking distance to Vermont/SM Metro
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Rapidly gentrifying area
