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$ 2,850,000
Est. payment /mo
Price Dropped by $145K
5720 Waring Ave Los Angeles, CA 90038
0.3 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 26989607
Lot Size 0.299 Acres
Acres 0.1494
Property Description
This 13,007-square-foot vacant lot is ideally located adjacent to Larchmont Village and offers a compelling multifamily development opportunity. The property is fully entitled and Ready-to-Issue (RTI) for an approximately 43,620-square-foot, five-story building containing 35 dwelling units. Approved plans also allow the recreation room to be converted into a one-bedroom, one-bathroom ADU, potentially increasing the project to 36 total units. A significant advantage of the project is its efficient parking design, which provides 17 on-grade parking spaces and eliminates the need for costly subterranean construction. The well-designed unit mix includes twelve two-bedroom/two-bathroom units, seven one-bedroom/one-bathroom units, and sixteen studio units. Seven units representing 20% of the project are designated for low-income tenants, consisting of three studios, two one-bedroom/one-bathroom units, and two two-bedroom/two-bathroom units. This affordable-housing allocation eliminates applicable linkage fees and allows the remaining market-rate units to be exempt from rent control, offering a meaningful long-term benefit to the future owner. In addition to the approved RTI plans, the site may offer alternative development potential through an Executive Directive 1 (ED1) affordable-housing project or a small-lot subdivision. Full plans are available upon request.
Location
State CA
County Los Angeles
Area Hollywood
Zoning LAR3
Exterior
View Y/N No
View None
Others
Special Listing Condition Standard
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Listed by Miller & Desatnik Realty Co.