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$3,995,000
Est. payment /mo
7,017 Sqft Lot
UPDATED:
12/13/2024 07:23 PM
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 24469861
HOA Y/N No
Lot Size 7,017 Sqft
Property Description
We are excited to present a unique opportunity to acquire a prime 7,019-square-foot parcel of vacant land located at 1255 S La Cienega Blvd, just north of Pico Blvd.This project is ready for immediate construction, as the plans have been fully approved and are RTI (Ready to Issue). The previous structure on the lot has already been demolished, allowing for a swift construction start date. This development will feature medical office space on the ground floor and 30 residential apartment units above, with three units designated for Extremely Low Income (E.L.I.) tenants. Additionally, the project includes a subterranean parking garage, providing ample parking for both residents and commercial tenants.The owner initially intended to occupy the property, which led to a strong focus on keeping construction and maintenance costs low without sacrificing quality. All the apartment units feature 9-foot ceilings, rather than the standard 8-foot ceilings, creating a brighter, more open, and spacious feel. Additionally, the tallest building on La Cienega Blvd is only two stories high, while all apartments in this RTI project start on the third floor and above. This design ensures that almost all units will have unobstructed views, including direct views of the iconic Hollywood Sign, making the property highly desirable.Located in the highly sought-after Pico-Robertson neighborhood, this property provides direct access to the vibrant La Cienega corridor and is just minutes from Beverly Hills. This prime location is ideal for both residential and commercial development. Additionally, the upcoming Metro station at Wilshire and La Cienega will offer convenient public transportation options for tenants and visitors to the medical office.
Location
State CA
County Los Angeles
Area C19 - Beverly Center-Miracle Mile
Zoning LAC2
Interior
Fireplace No
Exterior
View Y/N No
View None
Building
New Construction No
Others
Senior Community No
Tax ID 4332028012
Special Listing Condition Standard
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Listed by Filip Niculete • Marcus & Millichap
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Scott Woodburn
Real Estate Professional Knowledge Broker | License ID: 01185194
Real Estate Professional Knowledge Broker License ID: 01185194