7118 Willoughby Ave, Los Angeles, CA 90046

$6,000,000
List Price
$6,000,000
MLS#
22-117817
Lot Size
20,201
Lot Location
City
Days on Market
71
Property Type
Land

Property Description

We are pleased to present a 20,201 square foot (SF) redevelopment site located on the southeast corner of Willoughby Avenue and North Detroit Street in Los Angeles, California. This triple lot offering is situated in a prime West Hollywood adjacent location. West Hollywood, affectionately known as WeHo, is a city of less than four square miles completely surrounded by the cities of Los Angeles, Hollywood, and Beverly Hills. Famous locations associated with Hollywood include the historic Hollywood Walk of Fame, iconic Sunset strip, trendy Melrose Avenue, and the newly developed chic Sycamore Avenue. Fabulous restaurants, shopping, clubs, and entertainment are conveniently located within walking distance or short drive. The West Hollywood submarket is dominated by renters, with renter occupied units representing over 80% of the area's housing and owner occupied representing nearly 20% of the area's housing market. The average rent amount for a one-bedroom apartment in West Hollywood is nearing $2,300 per month. Recently, HBO and HBO Max signed a multi-year lease agreement with CIM Group for 161,000 square feet of soundstages and office space at The Lot Studios at Formosa, an entertainment production hub in West Hollywood located just a quarter mile away from the subject property. Developer A.J. Khair plans to build seven and nine story buildings at the corner of Harper Street. The Harper on Sunset proposal includes a 172-room hotel and 46 mixed-income apartments above ground floor retail. The development site is 8240 Sunset Boulevard on West Hollywood's northeast city limits. If approved and built, Harper on Sunset would be a few blocks from AECOM Capital and Combined Properties' recently opened Pendry West Hollywood Hotel. West Hollywood continues to position itself as a highly desirable, eclectic submarket that features some of the most notable dining and entertainment venues in Los Angeles. Accompanied by strong appreciating real estate values, the West Hollywood area is poised for continued strong rental demand. The subject property is situated along a major transportation corridor, La Brea Avenue, with stops at the Hollywood/Vine Station, the Hawthorne/Lennox Station, West Hollywood, Downtown LA, and the Avalon Station at Melrose Avenue and Main Street. The subject property consists of three (3) separate lots: a six (6) unit corner lot apartment building with one (1) vacant unit and two (2) single family residences which will be delivered vacant. These parcels total 20,201 square feet (SF) of land, plus and additional 1,125 SF in abutting alleyway, with a zoning ordinance of [Q]LAR3-1XL where the [Q] condition is a dwelling unit minimum size ordinance of 1,200 SF. This allows for seventeen (17) units by-right and a FAR of 3:1 by-right. Additionally, this offering is granted Tier 2 TOC bonus incentives which allows for a 60% density bonus and a 45% FAR bonus. The density bonus allows for the development of twelve (12) additional units, totaling twenty-nine (29) potential buildable units. The FAR bonus increases the FAR to 4.35:1. Current income will stay in place while buyer goes through the entitlement process. Tenants will enjoy being right across the street from new retail developments such as Sprouts Market, and just down the street from the West Hollywood Gateway Mall. Multiple adjacent new developments demonstrate the strength of this prime neighborhood that has Los Angeles zoning and benefits from West Hollywood's Location. Positioned in a prime West Hollywood adjacent location, this offering presents an excellent opportunity for an astute investor to capitalize on a unique luxury development opportunity with three (3) concurrent lots.

Additional Information

Lot Description
2-4 Lots, Value In Land, Tear Down On Lot, Lot Shape-Rectangular, Alley Paved
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Courtesy of , Jason Tuvia - CA DRE#

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