9
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$1,900,000
Est. payment /mo
6,752 Sqft Lot
Active
1222 N Beachwood DR Los Angeles, CA 90038
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UPDATED:
11/12/2024 06:03 PM
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 219119775
HOA Y/N No
Lot Size 6,752 Sqft
Property Description
Prime Net Lease is pleased to present 1222 N Beachwood Dr, an exceptional residential development opportunity with RTI (ready-to-issue) permits in place, located in the highly coveted Hollywood 90038 zip code. The project is fully entitled, including a complete architectural set, schematics, and budgets (available upon request), and is approved for 8 Market Rate and 3 Low Income units. This modern 4-story development will feature 11 thoughtfully designed units with a well-balanced unit mix, and first-floor parking with 14 vehicle spaces and 24 bicycle spaces (20 long-term and 4 short-term).
With a total area of 11,107 square feet and 9,547 square feet of livable space, this opportunity appeals to a diverse range of tenants seeking to experience Hollywood's vibrant cultural scene. The 6,752-square-foot lot is zoned R3 and contains no existing structure, sparing investors the financial burden of tenant buy-outs or demolition. The property's location is rated as Very Walkable, with a Walk Score of 88.
Located within an Opportunity Zone and designated as a TOC Tier 2 area, 1222 N Beachwood Dr offers strategic tax incentives (Buyer to verify) and increased density options that align with the city's vision for urban growth and housing. The flexible layout allows for various configurations, supporting the development of upscale apartments, boutique condominiums, or custom-designed units that cater to Hollywood's diverse population of professionals, creatives, and families. On-site parking adds convenience and accessibility for residentsan invaluable feature in this high-demand neighborhood.
The property's prime Hollywood location places it within close proximity to iconic landmarks like the Hollywood Walk of Fame, Sunset Boulevard, and Melrose Avenue, providing easy access to an array of dining, entertainment, and shopping options. The area's strong rental demand and ongoing revitalization make this project a promising investment, positioned for both immediate appeal and long-term appreciation.
This development site offers investors a unique opportunity to contribute to Hollywood's transformation, capturing the essence of L.A.'s dynamic lifestyle while establishing a residential landmark in one of the city's most desirable neighborhoods.
With a total area of 11,107 square feet and 9,547 square feet of livable space, this opportunity appeals to a diverse range of tenants seeking to experience Hollywood's vibrant cultural scene. The 6,752-square-foot lot is zoned R3 and contains no existing structure, sparing investors the financial burden of tenant buy-outs or demolition. The property's location is rated as Very Walkable, with a Walk Score of 88.
Located within an Opportunity Zone and designated as a TOC Tier 2 area, 1222 N Beachwood Dr offers strategic tax incentives (Buyer to verify) and increased density options that align with the city's vision for urban growth and housing. The flexible layout allows for various configurations, supporting the development of upscale apartments, boutique condominiums, or custom-designed units that cater to Hollywood's diverse population of professionals, creatives, and families. On-site parking adds convenience and accessibility for residentsan invaluable feature in this high-demand neighborhood.
The property's prime Hollywood location places it within close proximity to iconic landmarks like the Hollywood Walk of Fame, Sunset Boulevard, and Melrose Avenue, providing easy access to an array of dining, entertainment, and shopping options. The area's strong rental demand and ongoing revitalization make this project a promising investment, positioned for both immediate appeal and long-term appreciation.
This development site offers investors a unique opportunity to contribute to Hollywood's transformation, capturing the essence of L.A.'s dynamic lifestyle while establishing a residential landmark in one of the city's most desirable neighborhoods.
Location
State CA
County Los Angeles
Area C20 - Hollywood
Exterior
View Y/N false
Private Pool No
Building
Sewer Public Hookup Available
Others
Senior Community No
Acceptable Financing 1031 Exchange, Cash, Contract
Listing Terms 1031 Exchange, Cash, Contract
Special Listing Condition Standard
Listed by Prime Desert Estates
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