Remarks

The property is currently home to an auto body shop and a couple of rental units that poses a fantastic development opportunity to build a high-density mixed-use project. Using LA's newly passed Citywide Housing Incentive Program (CHIP) and AB 1287, a developer has the potential to build over 75,000 square feet and over 110 apartments by building a mixed-income project. Additionally, using newly reformed Memo 143 for ADU additions, this unit count would be able to reach over 130 apartments. The newly passed CHIP also has very limited parking requirements, is not subject to hearing or appeals, and is eligible for CEQA streamlining, creating a unique opportunity for a high-density development in a high demand area.

A brief overview is attached showing potential development scenarios. These scenarios utilize CHIP, AB1287 and Please note a developer would have to set aside portions of the project for low-income units.
Buyer's Responsibility for Due Diligence
The Buyer Acknowledges and agrees that the Buyer shall conduct its own independent investigation, due dilligence, and evaluation of the property. The
buyer shall not rely on any assumptions or other information provided.
The report was prepared by a reputable land use consultant, and if you are looking for more information, we can provide you with his contact information to set up a consultation

Details

MLS#: SR25061764
Price: $3,499,000

Sq Ft: 6938.00

County: Los Angeles