Description
Maher Commercial Realty is proud to present for sale a 73-unit mixed-use Project in the downtown Mar Vista submarket of West LA. Built to an unprecedented eight stories, the finished project should offer unobstructed views on all sides starting on the 3rd floor up to the rooftop deck. The Project has all but 1 item needed to file for a ministerial entitlement that is exempt from CEQA. The project will be +/-62,000 SF of building spread out over 73 units (60 Units +13 ADUs); 66 Units will be Market Rate with only 7 VLI required. With 14 two-bedroom units and 59 one-bedroom units, build it and the tenants will come to enjoy the ocean-view rooftop deck. Sharing the same block as the Mar Vista Farmer’s Market each Sunday, the property is surrounded by shops, nightlife, casual and fine dining. Mar Vista sits comfortably between Venice and Culver City with direct access to the 405 freeway just a few blocks east. This is an “A” location for a new multifamily development. The Project is clear of power line issues and has no encroachment interferences. The proposed project is statutorily exempt from CEQA and the entitlement is to be ministerial approved. While this is primarily a market rate project, the approval process is expedited similarly to the ED1 process for 100% affordable projects. By simultaneously engaging with City Planning and LADBS, a developer could foreseeably break ground within 12 months, much faster than a 100% market rate or TOC project.
Property Features:
- List Price: $6,900,000
- Price/Buildable Door: $94,520
- Price Per Sq.Ft. on Land: $420
- Lot Size: 16,420 Sq.Ft.
- Proposed Buildable Units: 73
- Proposed Market Rate Units: 66
- Parking Spaces: 64 Stalls
- Site Zoning: C2
- APN: 4235-024-005 and 4235-024-006
- Enlistment Status: Preliminary plans in place, ready for ministerial approval
- Rare opportunity for an 8-story mixed use building in West LA with ocean views.
- Ministerial Entitlement with no City Discretion.
- Exempt from CEQA.
- Unobstructed views in all directions.
- Low Set Aside Requirement (7 of 73 units).
- Option for Parallel Plan Check – entitled and approved within 12 months.
- Supply constrained market with limited zoning for multifamily.
- Seller has the following City-approved entitlements files: Housing Referral Form, PZA and SB330 Vesting.
- 800 SF Café and 800 SF Restaurant Space on ground floor fronting Venice Blvd.
