$5,850,000
0.32 Acre Lot
13,770 Sqft Lot
Status Active
Property Type Land
Price Type
Days on Website 95

Property Map

$5,850,000 – 1550 S Fairfax Avenue, Los Angeles, CA 90019

Street View

Courtesy of Marcus & Millichap, Filip Niculete. IDX Contact: 818-212-2700

Description

We are pleased to present 1550-1556 South Fairfax Avenue, a high- profile RTI development opportunity ideally situated in the Pico-Robertson neighborhood of West L.A. The proposed project resides on a double lot measuring 13,770 total square feet, and has been approved for the construction of 30 luxury apartment units across six stories, on-grade atop one level of subterranean parking. The proposed project offers a very attractive unit mix of one, two, and three bedroom units, making it an ideal place of living for tenants of various backgrounds and makeups. The RTI plans for the project utilize the Tier 3 TOC density bonus incentive as well, allowing the scope of the project to be built with a F.A.R. of (4.5:1) rather than (3:1) by right. Higher-end finishes with built-in cabinetry have been carefully selected with the long-term hold in mind for prospective investors, and are instrumental in giving the tenants that luxury living feeling at an affordable price. Even despite the recent onslaught of new construction projects in the vicinity, recent regulations such as SB330 make it very difficult to tear existing buildings in this pocket down, creating a high barrier to entry which funnels demand to the tenant pool, ultimately resulting in elevated income figures for an investor.

Property Details and Features

Listing

  • 8 days on market
  • Listed on 2021-08-23

Location

  • County: Los Angeles

Lot

  • 13770 sqft
  • 0.32 acres
  • Area: 13770

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