1357 N Las Palmas Ave, Los Angeles, CA 90028

Property Description

A multifamily development opportunity located in the heart of Hollywood, just south of Sunset Boulevard and west of Highland Avenue. The property consists of a 5,499 square foot vacant corner lot zoned RD1.5 and requires no demolition, allowing a future developer to move directly toward redevelopment planning. The property previously obtained approved plans and ready-to-issue permits for the development of a three-unit residential building plus an accessory dwelling unit totaling approximately 6,257 square feet of living area. The proposed design contemplated larger three and four bedroom residences along with a detached one-bedroom ADU. The seller has completed substantial architectural and entitlement work, including updated plans prepared in late 2023. Buyers are encouraged to contact the broker for additional information regarding prior approvals and current permitting status. The property also previously received a Replacement Unit Determination under SB 8 confirming that no affordable replacement units were required based on prior site conditions. Given the property's zoning and central Hollywood location within a transit-accessible infill corridor, a buyer may also wish to evaluate alternative redevelopment approaches, including affordable housing or applicable incentive programs that could allow for increased residential density, subject to buyer's independent investigation. Located within a federally designated Opportunity Zone and situated in a highly walkable Hollywood neighborhood with a Walk Score in the high 90s, the site offers developers the opportunity to pursue a range of residential redevelopment strategies consistent with ongoing infill and housing development activity throughout the surrounding submarket. Vacant 5,499 SF corner lot zoned RD1.5 with no demolition required. Prior SB 8 Replacement Unit Determination confirmed no affordable replacement units required. Located within a federally designated Opportunity Zone. Previously approved plans and RTI permits for a three-unit residential project plus an ADU totaling approximately 6,257 SF. Contact broker for details Central Hollywood location just south of Sunset Boulevard and west of Highland Avenue / Half mile to Metro Station.