1255 S La Cienega Blvd - Pico-Robertson | RTI Development | Mixed Use
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1255 S La Cienega Blvd - Pico-Robertson | RTI Development | Mixed Use
0.16 Acres of Residential Land Offered at $3,995,000 in Los Angeles, CA 90035
Investment Highlights
- 7,019± SF of Vacant Lot Zoned C2-1-O
- 30 Apartment Units + Medical Office | Courtyard rooftop
- Great Mix of 1, 2, & 3-Bedroom Units
- RTI Project | Mixed Use Development
- Sleek, Attractive Design with Contemporary Aesthetics
- Potential for Additional Income with Wallscape Design
Executive Summary
The LAAA Team and The SK Group of Marcus & Millichap are excited to present a unique opportunity to acquire a prime 7,019-square-foot parcel of vacant land located at 1255 S La Cienega Blvd, just north of Pico Blvd.
This project is ready for immediate construction, as the plans have been fully approved and are RTI (Ready to Issue). The previous structure on the lot has already been demolished, allowing for a swift construction start date. This development will feature medical office space on the ground floor and 30 residential apartment units above, with three units designated for Extremely Low Income (E.L.I.) tenants. Additionally, the project includes a subterranean parking garage, providing ample parking for both residents and commercial tenants.
The owner initially intended to occupy the property, which led to a strong focus on keeping construction and maintenance costs low without sacrificing quality. All the apartment units feature 9-foot ceilings, rather than the standard 8-foot ceilings, creating a brighter, more open, and spacious feel. Additionally, the tallest building on La Cienega Blvd is only two stories high, while all apartments in this RTI project start on the third floor and above. This design ensures that almost all units will have unobstructed views, including direct views of the iconic Hollywood Sign, making the property highly desirable.
Located in the highly sought-after Pico-Robertson neighborhood, this property provides direct access to the vibrant La Cienega corridor and is just minutes from Beverly Hills. This prime location is ideal for both residential and commercial development. Additionally, the upcoming Metro station at Wilshire and La Cienega will offer convenient public transportation options for tenants and visitors to the medical office.
This project is ready for immediate construction, as the plans have been fully approved and are RTI (Ready to Issue). The previous structure on the lot has already been demolished, allowing for a swift construction start date. This development will feature medical office space on the ground floor and 30 residential apartment units above, with three units designated for Extremely Low Income (E.L.I.) tenants. Additionally, the project includes a subterranean parking garage, providing ample parking for both residents and commercial tenants.
The owner initially intended to occupy the property, which led to a strong focus on keeping construction and maintenance costs low without sacrificing quality. All the apartment units feature 9-foot ceilings, rather than the standard 8-foot ceilings, creating a brighter, more open, and spacious feel. Additionally, the tallest building on La Cienega Blvd is only two stories high, while all apartments in this RTI project start on the third floor and above. This design ensures that almost all units will have unobstructed views, including direct views of the iconic Hollywood Sign, making the property highly desirable.
Located in the highly sought-after Pico-Robertson neighborhood, this property provides direct access to the vibrant La Cienega corridor and is just minutes from Beverly Hills. This prime location is ideal for both residential and commercial development. Additionally, the upcoming Metro station at Wilshire and La Cienega will offer convenient public transportation options for tenants and visitors to the medical office.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $3,995,000 | Property Type | Land |
| Sale Type | Investment | Property Subtype | Residential |
| No. Lots | 1 | Total Lot Size | 0.16 AC |
| Price | $3,995,000 |
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Total Lot Size | 0.16 AC |
1 Lot Available
Lot
| Price | $3,995,000 | Lot Size | 0.16 AC |
| Price Per AC | $24,793,029.40 |
| Price | $3,995,000 |
| Price Per AC | $24,793,029.40 |
| Lot Size | 0.16 AC |
7,019 square foot lot near the intersection of La Cienega Boulevard and West Pico Boulevard.
Walk Score®
Very Walkable (89)
PROPERTY TAXES
| Parcel Number | 4332-028-012 | Improvements Assessment | $0 |
| Land Assessment | $2,110,734 | Total Assessment | $2,110,734 |
PROPERTY TAXES
Parcel Number
4332-028-012
Land Assessment
$2,110,734
Improvements Assessment
$0
Total Assessment
$2,110,734
zoning
| Zoning Code | C2 (Tier 3 TOC) |
| C2 (Tier 3 TOC) |
Contacts
-
Filip Niculete -
Nuriel Elisha -
Sevak Keshishian -
Glen Scher -
Shara Parseghian -
Marcus & Millichap
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1255 S La Cienega Blvd - Pico-Robertson | RTI Development | Mixed Use
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