Investment Overview

Marcus and Millichap is pleased to present a 11,355 square foot double-lot redevelopment site located at 7949-7955 Blackburn Avenue in Los Angeles, California. The subject property is situated in the best location of Beverly Grove, less than half a mile away from the Grove, south of West 3rd Street and west of South Fairfax Avenue. Beverly Grove was built primarily in the 1920’s and has a combination of quiet charm and close proximity to shopping, restaurants, and museums. Half of Beverly Grove residents aged 25 and older possessed a four-year degree in 2000, a high rate for both the city and the county. The percentage of residents with a master’s degree was also high. One of the more noticeable features of this submarket is the Beverly Center, opened in 1982, which has various designer stores and restaurants. The Beverly Center is also home to the Museum of Dream Space, which is known as the first museum mainly exhibiting digital art in the United States. This area is also known for its trendy, upscale dining with options within walking distance from the subject property such as Angler, Yardbird, Son of a Gun, Bari, Matsumoto, Lawry’s Prime Rib, SHAN Social House, and N10 Restaurant. This offering is positioned on two (2) concurrent parcels totaling 11,355 square feet (SF) of land with a zoning ordinance of LAR3-1-O where the O suffix is a supplemental use district for oil drilling. There is also a 2,400 SF abutting alleyway which positively affects the density calculation to fifteen (15) units by-right with no maximum story limit but a 45ft height limit, and a 3.0:1 FAR by-right. Additionally, this offering is granted Tier 3 TOC bonus incentives which allows for a 70% density bonus, an increase in maximum height to 67 feet (roughly six stories), and an FAR bonus up to 4.5:1. The density bonus allows for the development of twenty thirteen (13) additional units, totaling twenty-eight (28) potential buildable units. The building area footprint after setbacks is 11,355 square feet, not including the abutting alleyway. Pursuant to SB 8, some of the current protected units will need to be replaced according to the LA Housing Replacement Requirements. Over $100k of current income will remain in place while Buyer goes through entitlement process. Positioned in a prime Beverly Grove location, this offering presents an excellent opportunity for an astute developer to capitalize on a rare redevelopment opportunity with Tier 3 TOC incentives.