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Mixed-Use

1506 Glendale Blvd

1506 Glendale Blvd, Echo Park, CA 90026

Listing Price: $1,200,000

Lot Size
0.12 acres
Price/Acre
$9,862,642
Land Type
Land
Buildable Square Feet
5,300

Investment Overview

Marcus & Millichap is pleased to offer a development site located on a 5300 SF lot at 1506-1508 N. Glendale Boulevard in the city of Echo Park.
The property sits just near the intersection of Scott Avenue and Alvarado and backs to Liberty Street.
The site is currently improved with a 1153 SF vacant duplex consisting of one bedroom/one bathroom units with a shared laundry room. The
duplex has been vacant for many years which benefits a developer as no relocation fees will need to be paid. Both the exterior and interior
are in need of renovation. The property is being sold for land-value.
1506 Glendale Boulevard provides a unique opportunity for a developer to acquire a C2-IVL mixed use zoned property on a major and popular
thoroughfare in Echo Park. The base density permitted is 13 units, however, the property will benefit from the Transit-Oriented Community
Incentive (TOC-Tier 2), potentially allowing up to 21 units. Further density may be available under the State Density Bonus program for
affordable projects. The property qualifies for ED1 expedited and streamline processing for 100% affordable projects. The property is in an
Enterprise zone which allows for special exemptions and favorable tax treatment.
This is a great opportunity for an investor to develop in one of the trendiest neighborhoods in all of Los Angeles. The area’s proximity to major
employment centers combined with its dining scene, recreational and cultural amenities have made Echo Park an increasingly desirable place
to live.
The area has seen significant residential development activity, fueled by increasing demand and zoning that supports mid-density infill. The
area’s high occupancy rate and the low homeownership rate shows the robust demand for rental properties. This healthy and continuous
demand has helped boost asking rents which are expected to continue their upward climb.

Investment Highlights

  • Property is located in an enterprise zone, offering tax incentives to investor
  • Units are vacant – no relocation fees
  • C-2 zoning – ideal for mixed use combining ground-floor retail and upper levels residential
  • 50 feet of frontage on Glendale Boulevard, which attracts over 72,000 vehicles per day
  • Investor could build 13 units by right or utilize the TOC density increase and build up to 21 units with an affordability component and/or utilize the State Density Bonus (AB1287) to increase density potentially up to 100% in exchange for a 100% affordable project
  • Potential for unlimited density with AB2345 and expedited entitlement processing through ED 1 for a project that is 100% affordable
  • Property has access from two streets, facing Glendale Boulevard and rear of property is accessible from Liberty Street
  • Echo Park has been rated "Greatest Neighborhood in Los Angeles"

Exclusively Listed By

Financing By

Mixed-Use

1506 Glendale Blvd

Listing Price: $1,200,000

Lot Size
0.12 acres
Price/Acre
$9,862,642
Land Type
Land
Buildable Square Feet
5,300

Investment Highlights

  • Property is located in an enterprise zone, offering tax incentives to investor
  • Units are vacant – no relocation fees
  • C-2 zoning – ideal for mixed use combining ground-floor retail and upper levels residential
  • 50 feet of frontage on Glendale Boulevard, which attracts over 72,000 vehicles per day
  • Investor could build 13 units by right or utilize the TOC density increase and build up to 21 units with an affordability component and/or utilize the State Density Bonus (AB1287) to increase density potentially up to 100% in exchange for a 100% affordable project
  • Potential for unlimited density with AB2345 and expedited entitlement processing through ED 1 for a project that is 100% affordable
  • Property has access from two streets, facing Glendale Boulevard and rear of property is accessible from Liberty Street
  • Echo Park has been rated "Greatest Neighborhood in Los Angeles"

Investment Overview

Marcus & Millichap is pleased to offer a development site located on a 5300 SF lot at 1506-1508 N. Glendale Boulevard in the city of Echo Park. The property sits just near the intersection of Scott Avenue and Alvarado and backs to Liberty Street. The site is currently improved with a 1153 SF vacant duplex consisting of one bedroom/one bathroom units with a shared laundry room. The duplex has been vacant for many years which benefits a developer as no relocation fees will need to be paid. Both the exterior and interior are in need of renovation. The property is being sold for land-value. 1506 Glendale Boulevard provides a unique opportunity for a developer to acquire a C2-IVL mixed use zoned property on a major and popular thoroughfare in Echo Park. The base density permitted is 13 units, however, the property will benefit from the Transit-Oriented Community Incentive (TOC-Tier 2), potentially allowing up to 21 units. Further density may be available under the State Density Bonus program for affordable projects. The property qualifies for ED1 expedited and streamline processing for 100% affordable projects. The property is in an Enterprise zone which allows for special exemptions and favorable tax treatment. This is a great opportunity for an investor to develop in one of the trendiest neighborhoods in all of Los Angeles. The area’s proximity to major employment centers combined with its dining scene, recreational and cultural amenities have made Echo Park an increasingly desirable place to live. The area has seen significant residential development activity, fueled by increasing demand and zoning that supports mid-density infill. The area’s high occupancy rate and the low homeownership rate shows the robust demand for rental properties. This healthy and continuous demand has helped boost asking rents which are expected to continue their upward climb.

Exclusively Listed By

Financing By

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