1310 S St Andrews Pl
Los Angeles, CA 90019

The LAAA Team of Marcus & Millichap is pleased to present 1310 South Saint Andrews Place in the Harvard Heights neighborhood of Mid-City Los Angeles, a high profile opportunity to acquire a 0.30 acre lot with fully entitled plans to build 43 apartment units. The well designed plans will create a beautiful looking building after built, and they take advantage of the lot's great C2 & TOC-3 zoning by designing for only 1 level of subterranean parking with 5 stories above ground. With the utilization of the TOC tier-3 bonus, the building will have 27 parking spots underground and an additional 48 bicycle parking spots on the first floor. Furthermore, the 43 unit building will have 7 units restricted to affordable housing. The building will also include a lobby, elevator, bicycle room, recycling room, and a rooftop deck. The finished building, which will be about 27,400 square feet, will boast a strong unit mix of (5) singles, (28) 1 bed / 1 bath units, and (10) 2 bed / 2 bath units. On average, the single, 1 bed, and 2 bed units will be 400 sqft, 600 sqft, and 863 sqft, respectively. After the building is completed, rented out, and stabilized, the future value of the property will be an estimated $18,500,000. Assuming a developer can build this property for $350 per sqft, it will cost about $9.5M to complete the build in its entirety. Even with over $1.0M of carrying costs factored in, we are projecting more than $3.25M in profit for the developer, which is nearly a 20% profit percentage of net sale revenues. The property is very well located in Mid City's Harvard Heights neighborhood in Los Angeles. Harvard Heights is a densely populated neighborhood with historical significance. It sits west of Downtown Los Angeles and near the West Adams neighborhood. The neighborhood is largely protected within a Los Angeles Historic Preservation Overlay Zone, for its architecturally significant real estate. Harvard Heights is about one mile from West Adams, which has seen recent development activity from developers such as CIM Group and Carmel Partners.