2741 Beverly Blvd Los Angeles CA MLS #22-193317

We are pleased to present a development opportunity located at 2741 Beverly Boulevard in the Westlake neighborhood of Los Angeles, proximate to Koreatown, Silver Lake, Echo Park, and Downtown Los Angeles. The property qualifies for 100% affordable development, eligible for ED-1 and sits on 2 parcels totaling 9,119 square feet of land that is zoned C2 with a TOC Tier 2 incentive. There is currently a vacant 1,380 square foot commercial structure that was built in 1950 and was most recently occupied by a medical tenant. The structure also recently had some fire damage to the interior. With the current structure being delivered vacant and not having any residential component to it, there will not be any relocation of tenants or any rent control restrictions on the redevelopment. The lot allows up to 22 units by right, 37 units with the density bonus, and potentially up to 46 by designing up for ADU conversions (Buyer to verify with their architect and City). There are no current entitlements or plans for redevelopment, so this is a completely blank slate for any investors that have interest in this high traffic and densely populated neighborhood of Los Angeles. With over 1,953 proposed units in the pipeline to be delivered by 2024 and 875-units currently under construction, the Westlake submarket has been experiencing significant growth and interest from developers. Ideally situated between downtown LA and Echo Park, Westlake has been rapidly gentrifying with hip galleries, Latin eateries and bars springing up throughout the neighborhood.