1114 N. Heliotrope Drive/1115 N. Berendo Avenue, Los Angeles, CA 90029
Description
The subject properties are being entitled to build 52 units in East Hollywood, a qualified Opportunity Zone. The adjacent parcels are currently being entitled for two 26 unit projects, each with 13 Studios and 13 One bedrooms. Each project would have 4 affordable units. A Buyer can continue with the current plans, or create new plans to potentially construct a 62 unit project by utilizing TOC Tier 4 incentives. There are agreements in place to vacate the existing structures without any fees to be paid by buyer.
The immediate neighborhood is undergoing a rapid transition with a number of multifamily and commercial developments recently completed or in progress. A 29 Unit Mixed Use Building is planned on the corner of Lexington and Vermont. A 68 Unit Project is planned on Melrose and Ardmore. On the 600-700 Block of Virgil Ave, three new projects are planned totaling 91 units.
The location is within easy walking distance of the Santa Monica Blvd/Vermont Metro allowing for a vehicle free lifestyle. Blocks away is Virgil Village, an area that has begun to attract young families, millennials and East Coast transplants due to an influx of accomplished chefs and proximity to Los Feliz and Silverlake. The rest LA of the can be reached by Metro or the 101 Freeway. Nearby food and culture amenities include immensely popular Sqirl, The Virgil Bar, Vinovore, and ROAM LA yoga.
-
Two adjacent 26 unit projects
-
Up to 62 units allowed under TOC 4 guidelines
-
Parcels are located in a Qualified Opportunity Zone
-
R4 Zoning allows for tidy unit sizes, maximizing project rent/SF
-
Trendy restaurants & night life are within walking distance
-
Existing units can be delivered vacant
-
Walking distance to Vermont/SM Metro
-
Rapidly gentrifying area
Address
-
Address 1114 Heliotrope Dr 1115 n, Los Angeles, CA 90029, USA
-
Country United States
-
Postal code/ZIP 90029
Overview
- Property ID 1486
- Price $4,500,000.00
- Property Type Multi Family
- Property status For Sale
- Size 13,500 SqFt
- Zoning R4
- Entitlement Status Rapidly gentrifying area
Get Directions
Contact
Oron Maher
Property Agent
Oron Maher is a leading commercial real estate veteran and the founder of Maher Commercial Realty, a Beverly Hills-based brokerage specializing in investment sales and leasing transactions across all property types within the Greater Los Angeles Area. With nearly two decades of experience representing high-profile buyers and sellers in the region, including major institutions and REITS, private family offices and individual investors, Oron has arranged over a billion dollars in transactions throughout his career and brings a wealth of knowledge, expertise and an unmatched level of client service to the Greater L.A. market. Oron Maher’s firm’s approach includes a customized approach to each opportunity in order to highlight its unique value, leading to record-breaking sales and long-term client relationships. Prior to launching his firm, Oron served as a broker and national sales leader for BRC Advisors. Prior to that, he spent nine years at Coldwell Banker Commercial, where he oversaw a team ranked in the top one percent of commercial brokers in the nation within the Coldwell network. Oron’s extensive experience as a former real estate attorney, investor, developer and community leader has fortified his work in building a successful brokerage in Los Angeles. Oron Maher holds a bachelor’s degree in business management from California State University, Long Beach and a juris doctorate from the San Francisco Law School. Oron’s entrepreneurial approach to Maher Commercial Realty blends his deep knowledge of the industry with a versatile skillset to secure optimal results across the board. An active community member, Oron has served on more than two dozen non-profit and for-profit boards and chaired the real estate section of the Beverly Hills Bar Association. His passion for giving back and empowering young adults and aspiring businesspeople through mentorship, networking and education led Oron to co-create The Maher Foundation, a nine-month fellowship program which provides development opportunities to recent graduates. BRE#01299093