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$ 3,575,000
Est. payment | /mo
0.28 Acres Lot
$ 3,575,000
Est. payment | /mo
0.28 Acres Lot
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 26650287
HOA Y/N No
Lot Size 0.276 Acres
Property Description
The offering consists of an entitled 95-unit ED1 project of income-restricted housing on a 12,011 (.276ac) double-lot. The seller will deliver the project RTI (ready to issue) permits upon the close of escrow. Zoned LAR3-1VL, the project was granted six incentives/waivers including no maximum density. increased FAR, and decreased setbacks/open space as a result of the project's ED1 status. The project contemplates no subterranean parking, is 6 stories in height and offers a unit mix of studios and 1-bedrooms. Twenty at-grade parking spaces will be available to tenants along with 74 bicycle spaces and a roof deck lounge. Echo Park has witnessed significant multifamily development in recent years, driven by its increasing desirability and proximity to employment centers. The multifamily vacancy rate remained relatively low at around 5.4% in late 2024, pointing to consistent demand for rental units in this attractive and well-located neighborhood near major employment centers. Silver Lake is a key neighboring market to Echo Park, sharing a similar trajectory of artistic history, resulting in a strong and competitive multifamily market with high rental demand and increasing property values. Silver Lake is consistently one of the most desirable neighborhoods in Los Angeles, leading to very high demand for rental housing and correspondingly high rental rates. As of February 2025, average rents for apartments in Silver Lake were generally comparable to those in Echo Park, often exceeding $3,000 for a one-bedroom unit.
Location
State CA
County Los Angeles
Area C21 - Silver Lake - Echo Park
Zoning LAR3
Interior
Fireplace No
Exterior
View Y/N No
View None
Building
New Construction No
Others
Senior Community No
Tax ID 5157015017
Special Listing Condition Standard
Listed by Adam Peterson CB Richard Ellis, Inc. #01815802
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