***Offers Due Tuesday, November 22 at 12 PM*** We are pleased to present 1818 Clyde Avenue, a high-profile development opportunity in Mid-City, one of the most increasingly attractive rental and ownership pockets in Los Angeles. The proposed project is located on a 10,209 square foot corner lot, zoned LARD 1.5, in the 90019 zip code known as Mid-City. The investor has a couple of different options they could pursue with the site. They could build up to seven (7) market-rate apartments, or a small lot subdivision. If they decide to go the small lot route, there are currently plans and entitlements in place for the construction of six (6) small lot homes, all coming equipped with high-end finishes, multiple levels, and individual private rooftop decks with breathtaking views of both Century City and Hollywood. Whether a prospective investor elects to sell each small lot home individually, or rent them out to tenants, the floorplans and finishes were carefully selected to attract distinguished buyers and renters and play a key role in maximizing value while giving residents that luxury living feeling they're in search of. To sweeten the deal even further, the project sits with a qualified opportunity zone, which could enable an investor to save big, or eliminate capital gains taxes altogether upon exiting from the investment. The small lot project also is one of the last in the area to receive SB-330 clearance, exempting it from any low-income requirements that would cut deep into profits. The Seller of the property has spent close to three years working with the City and going through entitlements, arguably the most strenuous part of the development process. The architect is just a few weeks away from plan submission, so there are just a few more steps to be completed before being granted full RTI status and being able to break ground. The timing of the project, coupled with the cost of the build and the finished value of the completed project offers an incredible opportunity for an investor to turn a major profit in a relatively short period of time.
Courtesy of Marcus & Millichap, Filip Niculete,
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Data last updated 9:06 AM UTC, 12/4/22