Daniel Hirth and Alex Reyhan of The Hirth Group have been exclusively selected to market for sale 1212 S. Westmoreland Avenue, a unique entitled 38-unit multifamily development opportunity in the prime Koreatown submarket, adjacent to Downtown LA, located just north of Pico Boulevard, south of Olympic Boulevard, west of Hoover Street and east of Vermont Avenue. The property is comprised of approximately 11,750 SF lot area zoned R4-1XL. With rear alley access, current zoning and entitled plans, a developer can build up to 38 units. If a developer plans to utilize the TOC Tier 2 incentives, one can resubmit plans and potentially build up to 48 units.
With tenants already evicted and the building demolished, this ideal development opportunity reduces costs and allows a developer to begin construction immediately!
1212 S. Westmoreland Avenue allows an investor to take advantage of the currently entitled plans to develop 38 units totaling 17,182 SF of building! The unit mix would consist of thirty-four (34) studios, two (2) one bed one bath, and two (2) two beds one bath units built within four stories with alley access which is favorable for subterranean parking in terms of ingress and egress. The property is also in the opportunity zone!
With new TOC Tier 2 incentives, this allows a developer to increase their density by 60% totaling 48 buildable units across ±38,152 buildable SF which is only $64,583 per buildable unit!
CA DRE 01515796
CA DRE 02024364