726-740 Hartford Avenue, Los Angeles, CA 90017
Description
Maher Commercial Realty is proud to present for sale 726-740 Hartford Ave, a rare high-density development opportunity perfect for a developer utilizing LA City and State Incentives like ED1 and AB 2334. Project density is only limited by construction type choice, as AB 2334 allows for unlimited density, and the base zoning has no height limitation. The City of Los Angeles requires 100% affordable projects to be approved via a ministerial path, without a lengthy entitlement process. As a 100% affordable project, rents are limited to approximately $1,777 for Studios and $1,920 for 1 Beds which allows a developer to achieve a compelling rent per square foot if units are efficiently designed. No parking is required as the project is located close to transit. The location is within a half mile of LA Live/Crypto Area, and DTLA. Koreatown is a short 5 minute drive to the east, and is in close proximity to the 110, 10 and 101 freeways. The project can offer residents a unique urban lifestyle with access to cultural amenities, employment, entertainment, and education opportunities without the need to rely on automobiles. Downtown LA remains city’s largest employment cluster, providing 16% of its jobs, and 47% of its office space. Downtown is home to over 90,000 residents, making it one of LA’s most populous neighborhoods, with over 25,000 new residential units delivered since 2010. The immediate area around the project is home to many USC students and young professionals and is walkable to two popular concert venues. This is an ideal location to purse an ED1 project, a developer can deliver a product affordable to residents who benefit from Downtown LA amenities and access to transit.
Property Features:
- List Price: $6,500,000
- Lot Size: 18,705 Sq.Ft.
- Zoning: R5(CW)-U/6
- Base Density: 93 Units
- TOC 3 Density: 159 Units
- TOC 4 Density: 168 Units
- ED1 Density: +/-225 Units
- Price Per Sq.Ft.: $348
- Price Per Buildable Door: $28,888
- Entitlement Status: Preliminary plans in place for 112 Units
- Parking: No parking required per AB2097, due to proximity to major public transit
- Existing Improvements: Graded lot, Previous structures demolished
Address
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Address 726 Hartford Avenue, Los Angeles, CA
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Country United States
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Postal code/ZIP 90017
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Contact
Jeremy Shore
Property Agent
Jeremy Shore is an experienced professional with over 10 years of working across all aspects of commercial real estate brokerage, management and investment. Since joining Maher Commercial Realty in 2018, Mr. Shore has completed over $70,000,000 in transaction volume, between signed leases and closed sales. On the sales front, Mr. Shore is arranging development, investment, and owner-user transactions across retail, industrial, multifamily, and office product types in the greater Los Angeles area. Mr. Shore dives deep into properties he analyses to find the 'highest and best use' to maximize revenue and valuation for his clients, which include prominent family offices and institutional investment firms. On the leasing side of the business, Mr. Shore has represented owners and tenants of food and beverage spaces, industrial warehouses, general retail and office space. With deep contract knowledge and careful diligence, Mr. Shore strives to complete transactions where at the end of the day, both landlord and tenant are satisfied and can look forward to the start of a years' long relationship. Mr. Shore enjoys the feeling of shaping a neighborhood and providing a home for entrepreneurs to flourish. Mr. Shore takes pride in having a role in improving the communities in which he operates, whether by adding housing to combat Los Angeles' affordability crisis or making a neighborhood more desirable by placing a cafe which becomes a gathering place for locals. In his spare time, Mr. Shore enjoys staying active with cycling, tennis, skiing, and hiking with his wife and dog. BRE#02020539