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1054 N Kingsley Dr, Los Angeles, CA, USA

Listing was updated on: 10/16/2019
1054 N Kingsley Dr, Los Angeles, CA, USA 1054 N Kingsley Dr, Los Angeles, CA, USA 1054 N Kingsley Dr, Los Angeles, CA, USA 1054 N Kingsley Dr, Los Angeles, CA, USA 1054 N Kingsley Dr, Los Angeles, CA, USA 1054 N Kingsley Dr, Los Angeles, CA, USA

Property Overview

Price/Rent PSF Inquire
Asset Type Land
Trade Type Sale
Acres Available 3,867.00
Date Available 10/16/2019
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Description

Location
1054 N Kingsley Dr is located in the extremely dense and enormously attractive submarket of East Hollywood, just South of Santa Monica Blvd. It is in close proximity to popular and notable landmarks such as Larchmont Village, Vermont/Santa Monica Metro Station, the famous thoroughfares of Hollywood, Sunset and Vine, studios and entertainment entities/employers such as Paramount, Netflix, Viacom and Buzzfeed, bars, restaurants, and neighborhood amenities. It is also central to several iconic LA Cities and Areas including Hollywood, the Westside, Los Feliz, Silver Lake and Downtown. There is a significant affordability gap to home ownership in the East Hollywood submarket. As the median home price in the area circles around $900K, an average monthly mortgage payment is estimated to be 2-3 times more than the average renovated rents, increasing the need for more affordable rental units. Over 2 MM SF of commercial space is undergoing development in the East Hollywood market, expecting to provide over 6,000 new employment opportunities to the local area.

Sale
SVN is proud to present 1054 N Kingsley Dr, a MULTIFAMILY DEVELOPMENT OPPORTUNITY located in the attractive submarket of East Hollywood (90029), one of the most dynamic Los Angeles neighborhoods in which a developer is poised to take advantage of extremely high demand for residential rental units and the Tier 3 bonus development under the TOC guidelines (Buyer to confirm). Along with being in close proximity to nearby studios, entertainment entities/employers, bars, restaurants, and neighborhood amenities, it is also minutes away from the 1.5+ million square feet of offices and production space in the area that Netflix is expecting to lease (or has leased), including 100,000 square feet of offices on a campus in development previously owned by the Musician’s Union of Hollywood at 817 Vine St. This development opportunity is zoned R3, permitting by-right development of 11 units (Buyer to verify). Current improvement is a 3,867 SF multifamily property that consists of 4 units that are occupied and is currently generating an annual gross income of $73,716.

Location

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