3-Lot Assemblage in Greater-Wilshire | Zoned R3

Highlights:

• Build 48 Units with TOC Density Bonus
• Build 60 Units with AB-2221 (Includes 12 ADUs)
• 3 Lot Assemblage: 22,253 SF Lot (0.52 Acres)
• Fully Vacant Property for Over 2 Years
• Zoned R3-1 TOC Tier 3
• Floor Area Ratio Allows for 83,359 SF Envelope
• Can Build 60 Units with Avg. Size over 1,000 SF
• First Time on Market in Over 50 Years
• Prime Greater-Wilshire | 97 Walk Score

Description:

We are excited to present to you this once in a generation opportunity to acquire and redevelop a 3-lot assemblage spanning 0.52 acres of land (22,253 square feet) zoned LAR3. In the highly sought-after Greater-Wilshire neighborhood, the sites are located at 4718, 4720 & 4726 Oakwood Ave, Los Angeles, CA 90004. These lots have been under the same family’s ownership for more than 50 years, signifying the rare opportunity available to developers. The current structures are vacant and have been vacant for more than 2 years, and none of the current structures are rent-controlled apartment units, meaning there will be no housing replacement requirements due to the structures that will be demolished.

Additionally, due to the central location and the impressive 97 walk score, the sites are given Tier 3 status of the Transit Oriented Communities (TOC) incentive program, further increasing the development potential. Developers can build up to 48 units with a building envelope of 83,359 square feet on the site. Using the TOC incentives to achieve this unit count and building envelope comes with a requirement of at least 10% of the units being set aside for low-income families. That equates to a minimum of 5 affordable housing units when building the maximum 48 units, leaving 43 market-rate units without any rent control limitations.

Furthermore, the recently enacted AB-2221 allows a developer to account for accessory dwelling unit (ADU) potential from the start of planning, rather than waiting for certificate of occupancy and then applying for additional ADUs. Per the ADU laws, a developer can add up to 25% of the total unit count which means an additional 12 accessory dwelling units (ADUs) can be added. This brings the total number of potential units to an impressive 60. Notably, this expansion does not affect the maximum building envelope, which remains at 83,359 square feet, and it does not require any additional affordable housing units. Therefore, the final 60 units would be split into 5 affordable units (8%) and 55 market-rate units (92%).

In summary, this outstanding opportunity provides developers with over 83,000 square feet of building space to fit up to 60 units in. This translates to average unit sizes of around 1,000 square feet, depending on the percentage of the building given to non-residential use (lobby, fitness center, hallways, etc.). This average unit size allows ample room for developers to curate an attractive unit mix that includes the full spectrum of unit types from smaller studio apartments to large 4-bedroom units and everything in between.

NOTE: Buyer to rely on their own research to confirm development potenital.

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