"Plans are approved and ready to be pulled. This piece of land creates a rare and tremendous opportunity to develop multi units building in the highly desirable Brentwood neighborhood. This 6,900 SF land with 77 feet frontage on Westgate Ave., has been approved for "by-right" development of a four (4) story, eight (8) units apartment building (To be built to "condo spec") one (1) level of subterranean parking. Permits are ready to be issued (RTI ready). However, recent changes in zoning and/or ordinances (To allow more housing due to housing and affordability housing shortage in Los Angeles), there could be alternative development opportunities this land may be used for, such as 1) After five (5) years of renting the units, the units could be revisited and turned into eight (8) condos with the current parking structure (Buyer is to independently conduct research to verify) OR 2) By making a few adjustments to the plans, the development could be switched to a six (6) condo project, OR New plans could be drawn for seventeen (17) one bedroom apartment building, three (3) of which would have to be allocated for "low income housing" (Buyer is to independently verify). Property is close to UCLA, VA hospital, Westwood Village, shops and restaurants and both the 405 and 10 freeways."
Property Details
Price:
$2,900,000
MLS #:
24462561
Status:
Active
Baths:
0
Address:
1115 S Westgate Avenue 4265012065
Type:
Land
Neighborhood:
c06brentwood
City:
Los Angeles
Listed Date:
Oct 1, 2024
State:
CA
ZIP:
90049
Lot Size:
6,900 sqft / 0.16 acres (approx)
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- Address1115 S Westgate Avenue 4265012065 Los Angeles CA
- AreaC06 – Brentwood
- CityLos Angeles
- CountyLos Angeles
- Zip Code90049
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Courtesy of Timothy C. Macker Jr.. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than include the name of the listing broker. Neither the listing company nor shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. California Regional Multiple Listing Service. All rights reserved.
1115 S Westgate Avenue 4265012065
Los Angeles, CA
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