1627 Oak St
Los Angeles, CA 90015

Fully entitled land in Opportunity Zone approved for 11-unit multi-family residential development project. Highly sought after DTLA location in Pico-Union neighborhood HPOZ across the 110 freeway from the convention center. Great visibility from I-10 and 110 freeways on corner lot. One unit reserved for Extremely Low-Income (ELI) household using Transit Oriented Communities (TOC) incentives to reduce Front Yard setback to "0" feet and a 20% reduction of Open House requirements. This 4 story apartment building will be built with 3 stories over parking at grade level for 11 vehicles plus bicycle stalls and no subterranean parking. The HPOZ / TOC approved design includes 34 total bedrooms all with en suite bathrooms and central kitchens between a unit mix of (6) 3+3 units, (2) 2+2 units, and (3) 4+4 units. Amenities include a shared rooftop deck of 1,550 sf that will have forever unobstructed DTLA skyline and Hollywood Hills views, space for solar panel arrays, grand corner lobby entry, laundry room, recycle & garbage room, and drought tolerant landscaping. This is a rare build-able lot in a neighborhood of mostly 1920's vintage Victorian and Craftsman style homes in the shadow of Downtown Los Angeles. Lack of new supply has forced rents higher here as a new generation of renters prefer the amenity and transportation rich urban lifestyle. Proximity to University of Southern CA (USC) may allow for opportunity to lease as student rentals. Opportunity Zone (OZ) designation may allow for qualified opportunity zone fund investment to defer capital gains. This project is ready for submittal of final construction set of plans to Los Angeles Department of Building & Safety (LADBS) to be built to suit. Come build an LA legacy project with strong potential cash flow from rental operations of 34 en suite bedrooms by DTLA and USC!