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Multi-Family

1463-1467 Wellesley

1463-1467 Wellesley Ave, Los Angeles, CA 90025

Listing Price: $3,300,000

Lot Size
0.36 acres
Price/Acre
$9,259,727
Land Type
Redevelopment
Buildable Square Feet
11,070

Investment Overview

Marcus and Millichap is pleased to present 1463-1467 Wellesley Avenue, a high profile development opportunity located in 90025, one of the best zip codes in all of Los Angeles. The site is zoned LAR2-1 with dimensions that consists of 100 feet of frontage by 155.30 feet in depth. LAR2-1 allows for one dwelling unit per 2,500 SF of land and for this site, allows a developer to build 8 units by-right or 14 units with the states allowable density bonus. With a myriad of building options, an investor also has the added options of building small lot subdivision or co-living. The property is ideally located a few miles from the world famous beaches of Santa Monica & Venice and a short drive from the prominent cities of Century City, Westwood, Beverly Hills, Santa Monica and Brentwood. With this ease of access and proximity to up-and-coming tech companies, young and educated professionals are flocking to the area creating significant demand for housing. The dense immediate population, high barriers to entry, strong market fundamentals, and plethora of local amenities, offers an investor or developer, landlord favored market conditions with significant growth potential. The location offers a multitude of convenient transit options including a 3 minute drive to the 10 freeway on-ramp, a 5 minute drive to the 405 freeway on-ramp and only 1 mile away from the Bundy/Expo Station. With a Walk Score of 95, the offering is centrally located where most errands can be accomplished on foot. The subject property is right on the cusp of countless development projects which would yield hundreds of new units either proposed or underway. Some new projects proposed or underway in close proximity include: new shops in the Martin Expo Town Center on Bundy and Olympic, 516 apartments, a grocery store, a 10-story office tower, and a proposed 129 dwelling units at the corner of Pico and Gateway Boulevard. The property is surrounded by a myriad of local amenities including Beverly Hills’ Rodeo Drive, Culver City Studios, Fox Studios, the new Century City mall, Sawtelle’s Japantown, and Westwood Village, all within 4 miles. Major employers in the region include entertainment giants 21st Century Fox and Sony Pictures. While roughly 20,000 jobs are in the motion-picture industry, ancillary businesses tied to entertainment are a major source of employment, such as marketing and advertising.

Investment Highlights

  • Build 8 Units By-Right
  • Build 14 Units w/ Density Bonus
  • Prime 90025 Location
  • Close to New Developments
  • Myriad of Building Options
  • Proximate to Shopping & Dining
  • Walk Score of 95

Exclusively Listed By

Financing By

Listing Price: $3,300,000

Lot Size
0.36 acres
Price/Acre
$9,259,727
Land Type
Redevelopment
Buildable Square Feet
11,070

Investment Highlights

  • Build 8 Units By-Right
  • Build 14 Units w/ Density Bonus
  • Prime 90025 Location
  • Close to New Developments
  • Myriad of Building Options
  • Proximate to Shopping & Dining
  • Walk Score of 95

Investment Overview

Marcus and Millichap is pleased to present 1463-1467 Wellesley Avenue, a high profile development opportunity located in 90025, one of the best zip codes in all of Los Angeles. The site is zoned LAR2-1 with dimensions that consists of 100 feet of frontage by 155.30 feet in depth. LAR2-1 allows for one dwelling unit per 2,500 SF of land and for this site, allows a developer to build 8 units by-right or 14 units with the states allowable density bonus. With a myriad of building options, an investor also has the added options of building small lot subdivision or co-living. The property is ideally located a few miles from the world famous beaches of Santa Monica & Venice and a short drive from the prominent cities of Century City, Westwood, Beverly Hills, Santa Monica and Brentwood. With this ease of access and proximity to up-and-coming tech companies, young and educated professionals are flocking to the area creating significant demand for housing. The dense immediate population, high barriers to entry, strong market fundamentals, and plethora of local amenities, offers an investor or developer, landlord favored market conditions with significant growth potential. The location offers a multitude of convenient transit options including a 3 minute drive to the 10 freeway on-ramp, a 5 minute drive to the 405 freeway on-ramp and only 1 mile away from the Bundy/Expo Station. With a Walk Score of 95, the offering is centrally located where most errands can be accomplished on foot. The subject property is right on the cusp of countless development projects which would yield hundreds of new units either proposed or underway. Some new projects proposed or underway in close proximity include: new shops in the Martin Expo Town Center on Bundy and Olympic, 516 apartments, a grocery store, a 10-story office tower, and a proposed 129 dwelling units at the corner of Pico and Gateway Boulevard. The property is surrounded by a myriad of local amenities including Beverly Hills’ Rodeo Drive, Culver City Studios, Fox Studios, the new Century City mall, Sawtelle’s Japantown, and Westwood Village, all within 4 miles. Major employers in the region include entertainment giants 21st Century Fox and Sony Pictures. While roughly 20,000 jobs are in the motion-picture industry, ancillary businesses tied to entertainment are a major source of employment, such as marketing and advertising.

Exclusively Listed By

Financing By

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