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1238 Larrabee Street

West Hollywood, CA 90069
  • $5,500,000
  • STATUS: Active Under Contract
  • ON SITE: 128 Days
  • ID#: 23339572
Under Contract
$5,500,000
  • 0
    BEDS
  • 0.31
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 6,840
    SQFT
  • $804
    $/SQFT
Type:
Multi-Family
Built:
1937
County:

School Ratings & Info

Listing Agent(s): Dario Svidler of Keller Williams Beverly Hills (310-432-6400) and Almog Strikowski of Keller Williams Beverly Hills(310-432-6400)


Description

We are proud to exclusively present for sale a development site in prime West Hollywood Hills, above the Sunset Strip, up the street from the Viper Room! Future residents at this location will be walking distance to the envy-inducing Sunset Strip with all types of dining, shopping, and entertainment, and the nightlife found on Santa Monica Blvd. The site is a rare Double Lot tucked away in an A+ exceptional location just North of the famed Sunset Blvd. and East of San Vicente Blvd. With 13,367 SF of WDR4 zoned land, the property is poised to quickly reach tenant (or condo-owner) capacity no matter what is built on site. The proposed plans consist of 24 luxury apartment units with a class A design. The unit mix is attractive for the immediate area, with twenty large 2 bed + 2 bath & four 1 bed + 1 bath well laid-out homes. The four 1+1s will be dedicated to affordable housing; ten units will be rent stabilized (rents to be set to market rents at time of initial rental). Three of the 2 bedroom units will be spacious Penthouses with incredible views. A total of 34 parking spaces are proposed, for a design to be fully parked. The proposed design includes a common-area Rooftop with a pool and stunning expansive views of Greater Los Angeles. Or build more units with Assembly Bill 1287 Density Bonus! The 1 mile radius Average Household Income is over $140,000, making it clear that the immediate area attracts high income earners who want to reside in the finest of what Los Angeles County has to offer. The current ownership has started the process of entitling the proposed development project. A buyer can take advantage of the work already done, saving significant time required to break ground when taking over the current project. Purchase to renting out designer units in a streamlined, shortened time frame! Build the talk of the town! Currently on the lot there are 14 units that are registered with the City of West Hollywood, but only 10 units show on Title. The property will be delivered fully vacant. Save yourself the headache of relocating people! The Project and Property are being sold as-is; the Project will not be delivered RTI. Listing includes two lots each with their own APN: 1238 & 1244 Larrabee St. - 5560-021-018 & 5560-021-017.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-04-19T18:28:35.703. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Robin McCann | EXIT Alliance Realty. Licensed in the State of California, USA.
www.socalrealtyexpert.com/homes/146043558
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1238 Larrabee Street West Hollywood, CA 90069

  • Price: $5,500,000
  • Status: Active Under Contract
  • On Site: 128 Days
  • ID#: 23339572
0
Beds
0
Baths
0
½ Baths
0.31
Acres
6,840
SQFT
$804
$/SQFT
1937
Built
Neighborhood:
C03 - Sunset Strip - Hollywood Hills West
County:
Los Angeles
Area:
C03 - Sunset Strip - Hollywood Hills West
Property Description
We are proud to exclusively present for sale a development site in prime West Hollywood Hills, above the Sunset Strip, up the street from the Viper Room! Future residents at this location will be walking distance to the envy-inducing Sunset Strip with all types of dining, shopping, and entertainment, and the nightlife found on Santa Monica Blvd. The site is a rare Double Lot tucked away in an A+ exceptional location just North of the famed Sunset Blvd. and East of San Vicente Blvd. With 13,367 SF of WDR4 zoned land, the property is poised to quickly reach tenant (or condo-owner) capacity no matter what is built on site. The proposed plans consist of 24 luxury apartment units with a class A design. The unit mix is attractive for the immediate area, with twenty large 2 bed + 2 bath & four 1 bed + 1 bath well laid-out homes. The four 1+1s will be dedicated to affordable housing; ten units will be rent stabilized (rents to be set to market rents at time of initial rental). Three of the 2 bedroom units will be spacious Penthouses with incredible views. A total of 34 parking spaces are proposed, for a design to be fully parked. The proposed design includes a common-area Rooftop with a pool and stunning expansive views of Greater Los Angeles. Or build more units with Assembly Bill 1287 Density Bonus! The 1 mile radius Average Household Income is over $140,000, making it clear that the immediate area attracts high income earners who want to reside in the finest of what Los Angeles County has to offer. The current ownership has started the process of entitling the proposed development project. A buyer can take advantage of the work already done, saving significant time required to break ground when taking over the current project. Purchase to renting out designer units in a streamlined, shortened time frame! Build the talk of the town! Currently on the lot there are 14 units that are registered with the City of West Hollywood, but only 10 units show on Title. The property will be delivered fully vacant. Save yourself the headache of relocating people! The Project and Property are being sold as-is; the Project will not be delivered RTI. Listing includes two lots each with their own APN: 1238 & 1244 Larrabee St. - 5560-021-018 & 5560-021-017.
Exterior Features

Parking Total 8

Property Features

Additional Parcels YN Yes Association YN No Disclosures Rent Control Gross Income 0 Levels Multi/Split Listing Agreement Exclusive Right To Sell Listing Service Full Service Net Operating Income 0 New Construction YN No Rent Control YN Yes Senior Community YN No Special Listing Conditions Standard Vacancy Allowance Rate 100 Zoning WDR4



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-04-19T18:28:35.703. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Robin McCann | EXIT Alliance Realty. Licensed in the State of California, USA.
 
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Robin McCann | EXIT Alliance Realty
43521 Rige Park Drive, Suite 201
Temecula CA, 92590
Listing Agent(s): Dario Svidler of Keller Williams Beverly Hills (310-432-6400) and Almog Strikowski of Keller Williams Beverly Hills(310-432-6400)