5346 Franklin Ave, Los Angeles, CA 90027

Property Description

Rare opportunity to acquire two side-by side development sites totaling approximately 17,866 square feet of R3-1 zoned land, located at 5346 and 5352 Franklin Avenue in the highly sought-after Los Feliz submarket of Los Angeles. Offered together at a combined asking price of $3,700,000, these parcels provide exceptional CEQA-exempt development potential with meaningful scale, flexible entitlement options, and strong alignment with the city's housing production priorities. Each parcel is approximately 8,933 square feet and must be developed independently due to limitations under Section 7.A of the Vermont/Western SNAP (Station Neighborhood Area Plan, Subarea A), which restricts lot mergers exceeding 15,000 square feet. While this may seem like a limitation, it creates a strategic opening for developers to pursue two separate high-density projects either simultaneously or in a phased approach. Each site is capable of delivering over 100 units with ministerial approvals and no CEQA review, offering a level of entitlement efficiency rarely available in Infill Los Angeles.Under Executive Directive 1 (ED1), each parcel may support up to 102 units(buyer to verify), translating to a land basis of just $19,118 per buildable unit.ED1 allows for streamlined approvals, reduced parking requirements, and CEQA exemption for projects that meet affordability and labor criteria, enabling developers to accelerate timelines and reduce entitlement risk.For developers seeking a balance between affordability and market-rate programming, the CHIP Affordable Housing Incentive Program (AHIP)allows for up to 79 units per lot. AB 2334 supports up to 69 units per parcel under similar guidelines. CHIP's Transit Oriented Incentive Area (TOIA Tier2) supports larger unit formats, up to six stories and 67 feet in height, whileTOC Tier 3 permits up to 21 units per lot with density bonuses and reduced parking. Even under a by-right density bonus scenario, each parcel supports15 units, with full CEQA exemption across all scenarios.The property's location further enhances its long-term value proposition.Positioned just blocks from the Hollywood/Western Metro Station (B Line),the site offers unmatched access to major job hubs in Hollywood, DTLA, Koreatown, and the San Fernando Valley. As part of a Transit Priority Area(TPA), the site qualifies for additional parking and density relief, improving feasibility in a high-cost development environment. Surrounded by the cultural and architectural legacy of Los Feliz, the community feel of Franklin Village, and the reinvestment wave in East Hollywood, this location is uniquely positioned to attract renters seeking access, lifestyle, and convenience. The surrounding area features a diverse housing stock, walkable retail, and institutional anchors like Netflix, Kaiser Permanente, Children'sHospital, Paramount Studios, and Los Angeles City College.With multiple CEQA-exempt entitlement paths, deep planning flexibility, and a transit-rich location in one of Los Angeles' most supply-constrained submarkets, 5346 and 5352 Franklin Avenue represent a rare opportunity to deliver impactful housing that is both economically viable and policy aligned.Whether maximizing density under ED1 or pursuing a more measured path under CHIP, AB 2334, TOC, or by-right, this offering delivers the zoning, location, and scale developers need to succeed in today's market. Sale includes two adjacent parcels: 5544-006-033, 5544-006-049