Small Lot Subdivision in Hollywood
Iconic is pleased to present for sale The Vales, a small lot subdivision opportunity in LA’s thriving Hollywood submarket. Located at 4331 Burns Ave., between Vermont Blvd. and Virgil Ave., the parcel of land is roughly 9,569 square feet and zoned LARD 1.5. While the current improvements on the property are five apartment units, a developer will have the opportunity to replace those units with six three-story single-family residences.
Small lot subdivisions are the future for Los Angeles home buyers. Most buyers want to live in the City but are forced to move outside the area because of high home prices. Small lot subdivision offers a solution to this problem. Buyers can purchase a brand new modern home in the city at a cost below that of surrounding homes. Small lots are not condos. They have no shared walls and no homeowners association (HOA). There is a maintenance agreement between homeowners for the shared common areas.
Once overlooked, The Vales' East Hollywood neighborhood is quickly gaining the attention of residents, retailers and developers.
Purchase Price is $1,350,000
AREA HIGHLIGHTS
The streets surrounding The Vales are increasingly lined with exciting outdoor restaurants and innovative retailers. Within one block of Burns Avenue, along Virgil Avenue, are hip eateries and coffee shops like Sqirl, Melody and Rick’s Produce Market; clothing boutiques, like Virgil Normal; flower shops, like Twig & Twine; and nightlife spots, like The Virgil Bar and The Faculty. Retail in this area will continue to change and appeal to millennials. Adding to the area's convenience and walkability is the close proximity to public transportation. The Vermont/Santa Monica Metro Station is an eight-minute walk from The Vales.
REHAB AND DEVELOPMENTS
New developments and major rehabs are also happening. Construction is currently underway on a 24-unit mixed-use project at the corner of Marathon and Virgil, and a major rehab is in progress on the 93-unit Citizens Apartments at Marathon and Vermont. Further, Hollywood Presbyterian Medical Center's $200 million expansion plan is about to begin construction at 1300 N. Vermont. And Kaiser Permanente Hospital announced plans to construct an additional 425,000 square feet in East Hollywood between 2020 and 2030.
Over the last few years, we have seen East Hollywood begin to blossom. Many apartment investors have undertaken extensive renovations in hopes of achieving higher market rents. Those renovations -- combined with ground-up mixed-use projects, expansion in the healthcare industry and votes of confidence from millennial-focused retailers and restaurateurs -- are clear signs that this submarket is ripe for small lot subdivision homes.
FOR MORE INFORMATION cONTACT:
Peter Strauss
Iconic Investments
16530 Ventura Blvd
Suite #409
Encino, CA 91436
T: 747-444-3303
E: Email Us
W: www.iconicinv.com
Iconic Investments is a Los Angeles-based boutique commercial real estate brokerage firm focusing on apartment buildings of 15 to 100 units throughout Los Angeles in all different sub-markets. Iconic represents multi-family property owners in dispositions, acquisitions, and 1031 exchanges.