Investment Overview

Marcus and Millichap is pleased to present a 5,714 square foot redevelopment site located at 314-316 Douglas Street in Los Angeles, California. The subject property is situated in a good Eastside location adjacent to Echo Park, east of Glendale Boulevard and south of W Temple Street. Echo Park is a diverse and eclectic area, attracting strong development and new residents every year. Echo Park is a rapidly changing rental market that is adjacent to Silver Lake and Downtown Los Angeles. Echo Park has been subject to an invigorate stream of new housing development, community re-positing, and an increased demand of living in the area. Anchored by an eponymous lake dotted with swan boats and lotus flowers, and wrapped around Los Angeles’s second-largest park, the Echo Park neighborhood is also a nature-lover’s refuge in the heart of the city. Sunset Boulevard is the main thoroughfare and commercial artery that runs through the neighborhood, where along the boulevard and side streets you’ll find local favorites such as the Andante Coffee Shops, Mohawk Bend, and countless nightlife entertainment including the Short Stop and Sunset Lounge. Locals and visitors alike enjoy paddle-boating around the lake and watching the world-famous Los Angeles Dodgers play at Dodger Stadium. Over the last decade, Echo Park has been transforming into a proud revitalizing landmark within the City of Los Angeles. This offering is positioned on five (5) subdivided parcels totaling 5,714 square feet (SF) of land with a zoning ordinance of LACW. The subdivided parcels have been optimized to develop five (5) small lot single-family residences, which are fully entitled and ready-to-issue permits. The RTI plans call for five (5) two-bedroom / two and a half-bathroom SFR’s each boasting a private den and rooftop decks-- each SFR averaging 1,414 SF. The 20’ alleyway will also be improved and utilized as a driveway on each parcel toward the planned two-car garages. Significant work has been put into obtaining clearance given inaccurately mapped abandoned oil wills. LADBS has given clearance due to the engineering, geologist, and well consultant reports on full lot excavation down to native soil with a conclusion that there is no oil/well presence. There is also potential to reconfigure plans and build up to twenty-three units utilizing the property’s favorable zoning and the area’s TOC incentives. Homeowners will love the opportunity to purchase an ideal contemporary starter home in a highly coveted Eastside location, adjacent to Echo Park. Outdoor recreation at Echo Park Lake is less than half a mile away, along with trendy retail, restaurant, and entertainment amenities. Just down the street residents can enjoy picking up a drink at Laveta Coffee Shop, or sitting down for a bite a Clark Street Bakery. Positioned in a good Eastside location adjacent to Echo Park, this offering presents an excellent opportunity for an astute developer to capitalize on a rare five (5) small lot subdivision with true RTI clearance for a highly optimized building.