Description
The subject property presents an investor or developer with the opportunity to purchase a 9,346 square foot building located on a 30,274 square foot parcel on the corner of famed W. Sunset Blvd and St. Andrews in prime Hollywood, located on the same block as Target, Home Depot, and many restaurants and other retail amenities. The site benefits from a unique mix of credit tenants, including a rare drive-thru Burger King and a 7-11 operated by an experienced franchisee. A buyer can benefit from purchasing the property today and immediately collecting cash flow while simultaneously working on entitlements to build approximately 130 units. This parcel is zoned LAC2 and benefits from being in a Tier III Transit Oriented Community, which gives it a 70% density bonus on top it’s by-right potential. Additionally, the property is located in Subarea C of the Vermont Western SNAP, which is the most beneficial Subarea for development of residential, allowing for increased FAR and height. Additional density incentives are available for a 100% Affordable project, allowing up to 137 units with no parking requirement. The submarket is in high demand for new residential development with 1,795 units built between 2016 and 2023, and 2,231 units in the planning pipeline within 0.5 miles. This is a very favorable parcel for development. While there is term left on some of the leases, shortening or terminating leases is likely and can potentially be arranged for the right Buyer. Conversely, leases can likely be extended, and additional income can be added if a Buyer prefers a longer hold
Property Features:
- Sale Price: $8,575,000
- Building Size: 9,346 Sq.Ft.
- Lot Size: 30,274 Sq.Ft.
- Zoning: C2 Vermont Western SNAP, Sub C
- Development Potential: Approx. 130 Units
- Parking: 48 Spaces
