643 N Rossmore Avenue

Description

We are excited to offer a unique investment opportunity with the presentation of 643 N Rossmore Ave, a prime vacant lot in the prestigious Hancock Park & Larchmont Village area of Los Angeles. Spanning 6,459 square feet and zoned R4-2 within a Tier 1 Transit Oriented Community (TOC), this property stands out as an ideal site for multifamily development. Developers have the potential to construct 16 units by-right, with the option to expand to 26 units by leveraging TOC incentives. Preliminary plans are already in place for a 25-unit, six-story apartment complex totaling 18,641 square feet. The proposed project includes 23 one-bedroom units ranging from 513 to 590 square feet and two three-bedroom units between 840 to 850 square feet. Additionally, the plans provides for subterranean and ground level parking with a total of 18 spaces. This property is not only situated in a prime location just south of Melrose Ave, but it also boasts a high walk score of 93. It's a short distance from the Wilshire Country Club, Los Angeles Tennis Club, and the Marlborough School, and within walking distance to a variety of retail amenities along N Larchmont Blvd. Paramount Studios is also just half a mile away. The neighborhood's strong demographics are highlighted by an average household income of $91,486 within a 5-mile radius and a median home value of over $1 million within two miles, making it an attractive area for residential development. The central location offers easy commutes throughout Los Angeles, including Hollywood, West Hollywood, Beverly Hills, Los Feliz, and La Brea. This vacant lot presents a unique opportunity for developers seeking a project with significant density potential, in a sought-after location, without the need for relocation.

Listing information courtesy of: Neema Ahadian, Marcus & Millichap 310-909-5444. *Based on information from the Association of REALTORS/Multiple Listing as of 11/23/2024 and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.