Investment Overview

Marcus and Millichap is proud to present 643 N Rossmore Ave, a vacant lot totaling 6,459 SF zoned R4-2 in a Tier 1 TOC located in a prime location just south of Melrose Ave in the Hancock Park & Larchmont Village neighborhood of Los Angeles. The property can be delivered shovel-ready for a five-story condo project with one level of ground parking and one level of subterranean parking. The plans consist of 10 two-bedroom and two and half bath condos between 1,300-1,404 SF each. All permit fees paid for the 10-unit project and construction can start immediately. Alternatively, there is multifamily development potential with the ability to build 16 units by-right and 26 units if the TOC incentives are utilized. Ownership also has preliminary plans available for a 25-unit multifamily project. An ideal location just down the street from Wilshire Country Club, Los Angeles Tennis Club and the Marlborough School. The property is walking distance to numerous retail amenities along N Larchmont Blvd, half a mile from Paramount Studios, and has a high walk score of 93. Additionally, it is located in a submarket with strong demographics with an average household income of $91,486 within a 5-mile radius of and median home value of over $1 MM within two miles. This is an opportunity in a central location with an easy commute throughout Los Angeles to Hollywood, West Hollywood, Beverly Hills, Los Feliz, and La Brea.