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1279 W Sunset Blvd - NEW RTI! 1275 Sunset Blvd 75U Apt Dev Site
0.46 Acres of Commercial Land Offered at $5,625,000 in Los Angeles, CA 90026
Investment Highlights
- Now Accepting Best of Market Offers
- Attractive Unit Mix
- Proximity to Employment Centers
- Newly Designed RTI Apartment Development
- Strategic Locale
- Affluent Submarket
Executive Summary
Offering Summary: 1275 Sunset RTI Development Property Details:
Address: 1275 - 1279 Sunset Blvd, Los Angeles, CA 90026
Submarkets: Echo Park | Elysian Valley | Dodger Stadium
Listing Price: $5,625,000 ($75,000/Unit)
Number of Units: 75 (69 Market Rate & 6 Affordable)
Unit Mix: 60 1-Bedroom | 15 2-Bedroom | 6 Affordable
Total SF Land: 20,206 SF
Rentable: 55,550 SF
Gross RTI Build: 94,135 SF
Construction Type: Type III-A
Zoning: C2-1VL
Rents in the Area: $4+ PSF in new apartment builds
RTI Status: Seller will deliver “ready to issue” status. Buyer will obtain and deliver own permits at closing.
Due Diligence Folder: Due Diligence Folder
Potential General Contractor/Builder: David Hirsch (dhirsch@midconstruction.com). Recommended; please conduct your own due diligence.
Seller (Reduced) Terms Sought:
Price: $5,685,000 (previously $7,700,000)
Down Payment: 3%
Due Diligence: 21 days
Close: 30 days at RTI
Additional Investment Highlights:
This nearly shovel-ready project is designed to minimize entitlement risk, optimize carrying costs, and accelerate the path to profitability. The fully entitled apartment development sale features an attractive building design by an excellent architect and seasoned developer. The C2-1VL parcel assemblage site has all existing improvements removed and is ready to issue permits. The fully stamped completed plans allow the project to commence quickly, developing a new five-story, 75-unit apartment building with two levels of subterranean parking.
The property is located adjacent to Echo Lake and Angelino Heights. Within walking distance of Dodger Stadium (0.3 miles away) and the recently revitalized Echo Park Lake (0.6 miles away), this property is well-located in Echo Park's main artery and renowned retail and restaurant hub, Sunset Boulevard. Future tenants will benefit from the vibrant neighborhood, boasting an array of dining, entertainment, and shopping options, including acclaimed establishments like Winsome, Bar Henry, Guisados, and Eightfold Coffee TSUBAKI. Silverlake, Downtown LA, Chinatown, and the trendy Elysian Valley are all within a short six-block drive.
Echo Park serves as a central hub to Los Angeles' prominent employment centers, including Downtown Los Angeles, which hosts over 500,000 jobs. Commuters benefit from easy access via the US 101 (Hollywood Freeway), US 110 (Harbor Freeway), and CA 2 (Glendale Freeway), with over 989,000 jobs within a 30-minute drive.
With an average household income surpassing $72,020 within a 1-mile trade area and a remarkable walk score of 86, this property caters to the preferences of millennials who make up 36.2% of the residents in the 1-mile vicinity.
Contact Us to Learn More
DWG Capital Group (formerly of Newmark/ARA)
Phone: 972.738.8586
Phone: 310.261.8428
Email: JDUNNING@DWG-RE.COM
Our team looks forward to your continued business in 2024.
Specializing in:
Multifamily
Development
Industrial
Office
Retail
Debt & Equity
Data Room Click Here to Access
- Offering Memorandum
Property Facts
1 Lot Available
Lot
| Price | $5,625,000 | Lot Size | 0.46 AC |
| Price Per AC | $12,126,948 |
| Price | $5,625,000 |
| Price Per AC | $12,126,948 |
| Lot Size | 0.46 AC |
The subject property is a 20,205 square-foot, easterly upward-sloping, rectangular-shaped, interior parcel consisting of two lots with a frontage of 98 feet on the east side of Sunset Boulevard.
Description
The site is zoned C2-1VL and is located within the Silver Lake – Echo Park – Elysian Valley Community Plan with a General Plan Land Use Designation of General Commercial. The site is further located within a Transit Priority Area (ZI-2452), a Hillside Area, Tier 1 TOC, a Los Angeles State Enterprise Zone, an Urban Agriculture Incentive Zone, a Methane Buffer Zone, and is within 0.12 kilometers of the nearest known fault (Upper Elysian Park). The site is not located within the boundaries of or subject to any specific plan, community design overlay, or interim control ordinance. The subject property is developed with two bungalows and a commercial building that will be demolished as a part of the project. The proposed project involves the demolition of two existing dwelling units and a commercial building and the construction, use, and maintenance of a new six-story over three levels of parking, approximately 68-foot high apartment building with 77 units. The proposed building will front Sunset Boulevard and will encompass approximately 53,372 square feet of floor area, resulting in a FAR of approximately 2.64 to 1. The project will have one level of subterranean parking and two levels of above-grade parking. The garage will accommodate 65 automobile parking spaces that will be accessed via one driveway along Sunset Boulevard. The project will also provide 78 long-term bicycle parking spaces and 8 short-term bicycle parking spaces. The residential lobby, located on Parking Level 1, includes the manager’s office and mail room. Parking Level 2 includes parking accommodations, a storage room, and the project’s recreational room/gym. Levels 1 through 6 contain the dwelling units. Of the 77 units proposed, 19 will be single-room studios, 45 will be one-bedroom units, and 13 will be two-bedroom units. A total of 8,025 square feet of open space will be provided, consisting of private open space (balconies), a rear yard, a gym/recreation room, and a rooftop deck. The project will maintain a 23-foot 7-inch front yard, a minimum 10-foot side yards, and a 19-foot rear yard setbacks.
PROPERTY TAXES
| Parcel Number | 5406-015-045 | Improvements Assessment | $142,227 |
| Land Assessment | $3,011,899 | Total Assessment | $3,154,126 |
PROPERTY TAXES
zoning
| Zoning Code | C2-1VL |
| C2-1VL |
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1279 W Sunset Blvd - NEW RTI! 1275 Sunset Blvd 75U Apt Dev Site
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