Price: $2,695,000

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A 36-unit development opportunity

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5051 W. Sunset Boulevard is on the market for the first time in nearly 50 years! The property is on the corner of Mariposa Avenue and W. Sunset Boulevard, consisting of ±8,013 SF of land with a tenant currently paying $8,000 per month NNN with approximately a year term remaining. This allows a developer the opportunity to build up to 36 units with TOC Tier 3 incentives at $74,861 per buildable unit, while collecting rent TOC Tier 3 allows a developer to take advantage of a density bonus of 70% while increasing FAR to 3.75:1 and minimizing parking requirements. The tenant currently has one year left on their lease before being on a month-to-month term. 

 

This trophy asset is on the prestigious and the world famous Sunset Boulevard, a bridge between the highly sought-after submarkets of Hollywood and Los Feliz.  In the property's vicinity, is the Children's Hospital Los Angeles and Kaiser Permanente Los Angeles Medical Center. 5051 W. Sunset Boulevard is surrounded by national retailers such as Vons, Wendy's, Del Taco, Goodwill, Chase, Rite Aid, Starbucks, and Bank of America to name a few. 

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Note: Buyer to perform their own due diligence and verify all information.