Description
Maher Commercial Realty is proud to present for sale a 97 Unit Mixed Use Development opportunity in the downtown Mar Vista Submarket of West LA. 97 Units is the maximum density permitted under the recently adopted Citywide Housing Incentive Program (CHIP). This would be one of the most desirable buildings in Mar Vista, and is the lowest Price per Buildable Door in West LA. This presents a rare institutionally sized opportunity qualified for ministerial approval. Downtown Mar Vista is a highly desirable submarket, with over $6 per square foot rents. Residents can walk to the Mar Vista Farmers Market and numerous restaurants and Cafes.
Using the recently enacted CHIP Ordinance, a Buyer can build a 97 unit project with no height limit, a 4:2:1 FAR, and no parking minimum. An 8 Story, 69,124 Square Foot Building could be constructed on the 16,458 Square Foot Lot. The finished building would offer unobstructed views on all sides, starting on the 3rd floor up the roof deck.
The site is clear of power line issues and has no encroachment interferences. The project would qualify for a ministerial approval, straight to LADBS Plan Check. No entitlement process is needed.
The project would not be subject to public hearings or appeals and is statutorily exempt from CEQA. There are no discretionary approvals that could stand in the way of this project. Financially, the project can allow a developer to generate a generous return based on reasonable assumptions for hard costs, soft costs, and rents.
Property Features:
- List Price: $5,950,000
- Price/Buildable Door: $61,340
- Price Per Sq.Ft. on Land: $361
- Lot Size: 16,458 Sq.Ft.
- Proposed Buildable Units: 97
- Proposed Market Rate Units: 85
- Building Size: 69,124 Sq.Ft.
- Site Zoning: C2
- APN: 4235-024-005 and 4235-024-006
- Approval Status: No Formal Entitlement or Planning Action Required
- Rare Opportunity for a mixed use building in West LA
- No entitlement required with no City Discretion.
- Exempt from CEQA.
- Unobstructed views in all directions.
- Low Set Aside Requirement (12 of 97 units).
- Potential for Cafe or Restaurant space on ground floor fronting Venice Blvd.
- Maximum Potential Density, 97 Units by Right with 12 ELI units.
- Supply constrained market with limited zoning for multifamily. “A” location next to the popular Mar Vista Farmers Market and walking distance to trendy restaurants.
- Cheapest Price Per Door in West LA.
- The only market-rate project that makes sense.
- The only institutionally sized ministerial opportunity in West LA’s history
