Investment Overview

Marcus and Millichap is pleased to present a 9,986 square foot nearly RTI redevelopment site located at 4541-4545 Santa Monica Boulevard in Los Angeles, California. The subject property is situated in a prime Virgil Village location two (2) blocks away from Silver Lake, west of Virgil Avenue and north of Santa Monica Boulevard. Silver Lake is an Eastside neighborhood that fully embraces the hipster lifestyle. Although often described as the Brooklyn of Los Angeles, Silver Lake is much more than just a hipster haven. The popular central L.A. neighborhood has gone from urban grit to sophisticated chic over the years and is home to celebrities, creatives, professionals, and an ever increasing number of families. Funky blocks with street art are lined with artisanal coffee shops, vegan cafes and creative Asian eateries, as well as indie music venues, trendy bars and boutiques. These food and entertainment centers earned this area a walk score of 80. The area also includes fine examples of modernist architecture and a namesake reservoir that is ringed by a popular walking trail with a dog park and a grassy meadow. Silver Lake is diverse, eclectic, and above all, authentic. It offers some of the best of L.A. living, in close proximity to Hollywood and Downtown Los Angeles and incredible hilltop views, independent boutique shopping, and an increasingly popular dining scene. Residents also enjoy the easy access to sought-after outdoor spaces such as Silver Lake Meadows, Silver Lake Dog Park, Barnsdall Art Park, Bellevue Park Basketball Courts, Echo Park, and Elysian Park. The famous Elysian Park is home to Secret Swing Angels Point, Dodger Stadium, Victory Memorial Grove, Radio Hill, and is adjacent to Los Angeles State Historic Park. This offering is positioned on two (2) parcels totaling 9,986 square feet (SF) of land with a zoning ordinance of LAC2-1D where the D suffix is a limitation to the buildable area of the lot, and for conformance to the Vermont/Western Station Neighborhood Area Plan (SNAP). The project is offered with RTI plans for a five-story luxury mixed-use redevelopment. Tier 3 TOC allows the RTI plans to feature twenty-three (23) total units. Additionally, the TOC bonus incentives allow for a 72ft height limit, an increase to the transitional height, a reduction to open space, and a front step back height increase. The plans include three (3) commercial use spaces on the ground level and the second floor. Twenty-three (23) parking spaces are planned for the residential units in a subterranean gated garage, and nine (9) parking spaces are planned for the commercial units on the ground level. The project boasts numerous luxury amenities such as a two-story gym, open space patio, two (2) lobbies, bicycle parking, a public theater space, a conference room, roof decks, a pool, and more. With TOC incentives, a developer has the option to modify the RTI plans and build up to forty-three (43) residential units. Positioned in a prime Virgil Village location two (2) blocks away from Silver Lake, this offering presents a rare opportunity for an astute developer to capitalize on a nearly RTI project for a luxury mixed-use redevelopment.