CLOSED ESCROW

DEVELOPMENT

4065-71 GLENCOE AVENUE

MARINA DEL REY, CA 90292

PRICE:

PRICE/SF LAND:

CAP RATE:

$17,000,000

 

$331

N/A

DEAL HIGHLIGHTS​:

  • Sold $1,000,000 Above List Price

  • Multiple Offers

  • Entered Escrow Non Contingent

  • Record Breaking Price Per SF/Land

 

ASSET HIGHLIGHTS

  • Excellent redevelopment opportunity

  • CM (GM)-2D-CA Zoning / Glencoe/Maxella Specific Plan

  • 55-foot height maximum

  • Surrounded by newly constructed apartments and condominiums

  • Highly desirable beach rental market

  • 1.75:1 Floor Area Ratio (FAR) by right

  • 2:1 Floor Area Ratio (FAR) senior and low income housing

  • Option to build up to 64 multifamily units (by right) or 80 units (25 percent density bonus)

THE ASSET

The Hirth Group has been selected to exclusively market for sale 4065-4071 Glencoe Avenue, a 51,401-square-foot lot in Marina del Rey, California. This promising investment opportunity, which includes an existing 11,344-square-foot building, is a developer’s dream in one of the fastest growing communities on the Westside of Los Angeles.


The subject property is zoned CM (GM)-2D-CA and is part of the Glencoe/Maxella Specific Plan. By right this plan grants the ability to build 64 residential units with a Floor Area Ratio (FAR) of 1.75 to 1. The zoning permits a density bonus of 25% with a FAR of 2 to 1, allowing the construction of 80 units, including senior and affordable housing. The property is adjacent to the Belle Fontaine, a 102-unit apartment building built in 2002. Across the street are the Indigo, a 77-unit condominium development built in 2007, and the 96-unit Del Rey Terrace, built in 2005. This seaside resort town is world renowned for its beaches, small-craft marina, and luxurious lifestyle. The recent surge in development within this highly coveted community has created a dynamic demographic, proven by the influx of Fortune 500 employers, high-end retailers, and institutional investors. Buyer to verify all information with city or applicable authorities.

GET IN TOUCH:

NEVER MISS A LISTING:

Tel: 310-300-2838

daniel@hirthgroup.com

2701 Ocean Park Blvd #140

Santa Monica, CA 90405

© 2017 by THE HIRTH GROUP

KW Commercial CAL DRE 01499010