801 N Alvarado Street,Los Angeles,Los Angeles,Land

Property Description

801-809 N Alvarado St is a double lot multifamily development opportunity located in the highly sought-after Echo Park neighborhood of Los Angeles.Located on Alvarado St, between Sunset Blvd and the 101 Freeway and two blocks away from the Echo Park Lake. A unique opportunity for a developer to acquire 12,678 SF lot zoned C2-1VL in a Tier 2 TOC offered at a low price per SF of $193.801-809 N Alvarado St offers an investor a multifamily development opportunity with over 115 feet of frontage on N Alvarado St, which attracts over 33,000 vehicles per day.An investor could build 32 units by right or utilize the TOC density increase and build up to 55 units; ownership currently has preliminary plans for a 55-unit project with two levels of subterranean parking, however, a developer could eliminate the parking requirement via AB 2097 (Buyer to verify).Alternatively, there is also potential to achieve unlimited density via AB 2345 and expedited entitlement process through Executive Directive 1 if a 100% affordable housing project is pursued.The double lot is currently vacant; no tenant relocation required.High Walk Score of 93, 801-809 N Alvarado St is located 1.5 miles from the Metro Red Line and a short stroll to multiple Metro Local Line bus stops along N Alvarado St.Central location that is beneficial for residents that commute throughout the city with close proximity to Downtown Los Angeles, Koreatown, Westlake, and Silver Lake, close proximity to retail along Sunset Blvd as well as the LA Downtown Medical Center.