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.