Asking Price: $1,395,000

This oversized R3-1XL single lot in Hollywood could be the perfect site for your new multifamily development project. Whether you aim to deploy a more conventional methodology of design and density calculation or take advantage of certain timely legislation for creating affordable housing, the location and zoning will support a wide range of site utilizations. The property is walking distance (about six blocks) from the Vermont/Santa Monica Metro Station and will provide income while you plan your project. The property is situated in the vibrant East Hollywood area of Los Angeles and is just one block away from Normandie Ave. and Santa Monica Blvd. This provides easy access to DTLA, the 101 Freeway, and public transportation. The neighborhood is known for its tree lined streets. Los Angeles City College, Barnsdall Art Park, and several large hospitals are nearby, adding to the locations appeal. The property consists of four units, with the front unit having two bedrooms and one bathroom, and the other three units each having one bedroom and one bathroom. With long-term, good paying tenants already in place, it presents a solid covered land opportunity. The propertys proximity to key amenities and zoning make it an excellent candidate for current and/or future development.