10770 Wilkins Ave, Los Angeles, CA 90024

Property Description

A rare opportunity to purchase a trophy site in Westwood, a double lot totaling 11,337 SF of land zoned {Q}RD1.5-1 located just off Ohio Ave between Wilshire Blvd and Santa Monica Blvd. The site will be delivered RTI, with plans in place to construct four-story building totaling 11 units and one level of subterranean parking with 23 spaces.The plans in-place propose a unit mix made up of the following:Six 3+2 Units 1,396-1,688 SFFive 3+3+Den Townhouse Units 1,554-2,180 SFThe efficient, condominium standard design includes no common area spaces for the floor area to be maximized, the plans call for a 19,973 SF building with 3,083 SF of open space and height of 44'2", all homes feature private open space. The California Density Bonus has been implemented for a 35% increase in density with one unit set aside as affordable. The site currently consists of two duplexes that will be delivered vacant at the close of escrow with no tenant relocation or buyouts required. Ideal neighborhood for families to reside and for an investor to achieve aggressive pro forma rents in a submarket with limited rental product; within a two-mile radius, the median home value is over $1 MM, and the average household income is $128,887. The site is located within a premiere school district with access to Ralph Waldo Emerson Elementary, Fairburn Elementary, Saint Paul the Apostle School, and Westwood Charter Elementary School, among others. Irreplaceable location walking distance from the Los Angeles California Temple, blocks from major office buildings on Wilshire Blvd, and a quick commute to the heart of Westwood, Beverly Hills, and Century City. One mile from UCLA, 1.5 miles from the new Google Campus on Pico Blvd as well as Century City, walk score of 91 down the street from multiple Metro Local Lines on Westwood Blvd & Wilshire Blvd.The Metro's Purple Line station will be added near Wilshire and Westwood Boulevards as part of Section 3 of the Purple Line Extension Transit Project that will run from West LA to Downtown Los Angeles set to open in 2027 just before the 2028 Summer Olympic Games. Easy access to the 405 Freeway, the University of Los Angeles (UCLA), Brentwood, Santa Monica, Pacific Palisades, Beverly Hills, Bel Air, West Los Angeles, Culver City, Venice, and Marina Del Rey. APN's 4325-019-003, 4325-019-004