Multi-Family

Echo Park TOC Development Opportunity

315 N Alvarado St, Los Angeles, CA 90026

Listing Price: $1,424,000

Lot Size
0.19 acres
Price/Acre
$7,335,553
Land Type
Land
Buildable Square Feet
30,000

Investment Overview

Marcus & Millichap is pleased to present 315-319 N Alvarado Street, an 8,456 square TOC Tier 2 development opportunity in the heart of the Historic Filipinotown neighborhood of Echo Park, Los Angeles, CA. Just south of Temple and Alvarado, the property is ideally located in one of the most convenient neighborhoods in Los Angeles. This unique investment opportunity is zoned LA R4-1, allowing for a “By Right” 21 unit multifamily development. 315-319 N Alvarado also falls within the Transit Oriented Communities (Tier 2) Affordable Housing Incentive program, allowing a developer to build up to 36 units (including 10% affordable) among several other incentives, including reduced parking requirements (0.5 per bedroom) and up to a 4.35 FAR (floor area ratio) with no height limit. 315-319 N Alvarado has a prime location in the center of Los Angeles. Located just south of the 101 freeway, the property sits within 10 minutes of Downtown, Silver Lake, Echo Park, Chinatown, Dodger Stadium and Koreatown. The property boasts a 86 walkscore, allowing residents to do most errands by foot. Historic Filipinotown is the southernmost neighborhood of Echo Park. Largely residential, the neighborhood offers a m ix o f traditional a nd trendy F ilipino e ateries, plus stylish cafes and hip cocktail lounges on Beverly Boulevard and W. Temple Street. Indie cultural spaces nclude the multidisciplinary Bootleg Theater and the Gabba Gallery, which has brought vivid street art to several local alleys. A large mural in Unidad Park celebrates Filipino-American history and culture, including National heroes like Lapu-Lapu and Jose Rizal as well as modern-day icons like Manny Pacquaio, Lea Salonga, and Apl.de.ap.. The immediate and surrounding Echo Park and Westlake neighborhoods have seen an influx of young adults and steady growth in both the single family and multifamily markets for the past several years. Historic Filipinotown and neighboring Westlake are the latest eastside neighborhoods to experience rapid gentrification. The accessibility to employment, cultural history, and renowned food options continue to attract millenial Angelenos looking for quality rental options. With a shortage of housing options and a slim development pipeline in the immediate vicinity, this supply/demand balance should promote strong rent growth over the long term.

Investment Highlights

  • A rare 8,346 square feet development opportunity in the high barrier to entry neighborhood of Historic Filipinotown / South Echo Park, Los Angeles, CA
  • The property is zoned R4-1, which allows for 21 units "by right." 315-319 N Alvarado Street also falls under Transit Oriented Communities Tier 2, allowing for up to 60% density bonus (36 units)
  • The property currently consists of (1) 430 sf retail unit and (2) detached apartment Units (3 Bed / 1 Bath and 2 Bed / 1 Bath)
  • Located in the soutwest portion of Echo Park, known as Historic Filipinotown, the asset benefits from convenient accessibility to Downtown Los Angeles, Koreatown, Silverlake, and Hollywood

Exclusively Listed By

Multi-Family

Echo Park TOC Development Opportunity

Listing Price: $1,424,000

Lot Size
0.19 acres
Price/Acre
$7,335,553
Land Type
Land
Buildable Square Feet
30,000

Investment Highlights

  • A rare 8,346 square feet development opportunity in the high barrier to entry neighborhood of Historic Filipinotown / South Echo Park, Los Angeles, CA
  • The property is zoned R4-1, which allows for 21 units "by right." 315-319 N Alvarado Street also falls under Transit Oriented Communities Tier 2, allowing for up to 60% density bonus (36 units)
  • The property currently consists of (1) 430 sf retail unit and (2) detached apartment Units (3 Bed / 1 Bath and 2 Bed / 1 Bath)
  • Located in the soutwest portion of Echo Park, known as Historic Filipinotown, the asset benefits from convenient accessibility to Downtown Los Angeles, Koreatown, Silverlake, and Hollywood

Investment Overview

Marcus & Millichap is pleased to present 315-319 N Alvarado Street, an 8,456 square TOC Tier 2 development opportunity in the heart of the Historic Filipinotown neighborhood of Echo Park, Los Angeles, CA. Just south of Temple and Alvarado, the property is ideally located in one of the most convenient neighborhoods in Los Angeles. This unique investment opportunity is zoned LA R4-1, allowing for a “By Right” 21 unit multifamily development. 315-319 N Alvarado also falls within the Transit Oriented Communities (Tier 2) Affordable Housing Incentive program, allowing a developer to build up to 36 units (including 10% affordable) among several other incentives, including reduced parking requirements (0.5 per bedroom) and up to a 4.35 FAR (floor area ratio) with no height limit. 315-319 N Alvarado has a prime location in the center of Los Angeles. Located just south of the 101 freeway, the property sits within 10 minutes of Downtown, Silver Lake, Echo Park, Chinatown, Dodger Stadium and Koreatown. The property boasts a 86 walkscore, allowing residents to do most errands by foot. Historic Filipinotown is the southernmost neighborhood of Echo Park. Largely residential, the neighborhood offers a m ix o f traditional a nd trendy F ilipino e ateries, plus stylish cafes and hip cocktail lounges on Beverly Boulevard and W. Temple Street. Indie cultural spaces nclude the multidisciplinary Bootleg Theater and the Gabba Gallery, which has brought vivid street art to several local alleys. A large mural in Unidad Park celebrates Filipino-American history and culture, including National heroes like Lapu-Lapu and Jose Rizal as well as modern-day icons like Manny Pacquaio, Lea Salonga, and Apl.de.ap.. The immediate and surrounding Echo Park and Westlake neighborhoods have seen an influx of young adults and steady growth in both the single family and multifamily markets for the past several years. Historic Filipinotown and neighboring Westlake are the latest eastside neighborhoods to experience rapid gentrification. The accessibility to employment, cultural history, and renowned food options continue to attract millenial Angelenos looking for quality rental options. With a shortage of housing options and a slim development pipeline in the immediate vicinity, this supply/demand balance should promote strong rent growth over the long term.

Exclusively Listed By

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