1309 N Mariposa Avenue, Los Angeles, CA 90027

Property Description

RTI DEVELOPMENT OPPORTUNITY | 17-UNIT MULTIFAMILY PROJECT | EAST HOLLYWOOD Rare opportunity to acquire an approximately 8,000-square-foot VACANT development lot/land at 1309 N. Mariposa Avenue, Los Angeles, CA 90027, offered with permitted plans for a 17-unit, four-story multifamily development with subterranean parking. The project is RTI (Ready to Issue), allowing a developer to step into a substantially completed entitlement and permitting process and move toward construction without starting the lengthy approval process from scratch. The thoughtfully designed project features 14 two-bedroom units and 3 one-bedroom units, along with 27 parking spaces. The approved TOC Tier 3 project utilizes a significant density increase over the property's base zoning capacity, maximizing the development potential of this well-located R3 site. An exceptional opportunity for a developer or investor seeking a shovel-ready Los Angeles multifamily project where substantial time, planning, design and entitlement work has already been completed. Buyer to independently verify all plans, permits, approvals, RTI status, zoning, unit mix, affordable housing requirements, development incentives and other property information with the City of Los Angeles and appropriate agencies. However, RTI docs and plans and permits can all be provided to buyer for review. The project incorporates the required affordable housing component, including one Extremely Low Income unit and two Very Low Income units, while the remaining units are unrestricted, creating an attractive mix for a long-term multifamily investment. Located in the heart of East Hollywood, the property offers excellent access to Hollywood, Los Feliz, Silver Lake, Virgil Village and Koreatown, with nearby employment, dining, entertainment and neighborhood amenities. With the existing improvements removed and the property now a vacant lot, a buyer can avoid many of the uncertainties associated with tenant relocation and demolition and focus on advancing the project toward construction.