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801 N Alvarado Street

Los Angeles, CA 90026

$2,450,000

List Price

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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.

Listing Information

List Price $2,450,000
Status Active
MLS 24399991
Type Land
Lot Size 12,678
Structure Size N/A
DOM 85
Courtesy Of Marcus & Millichap
Listing Agent Neema Ahadian DRE#01346750

Interior Features

Total Bedroom
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Exterior Information

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Listing information courtesy of: Neema Ahadian, Marcus & Millichap . *Based on information from the Association of REALTORS/Multiple Listing as of Sep 30th, 2024 at 6:41 PM 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.