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Listed by Katherine Bergh • Katherine Bergh
$1,200,000
Est. payment /mo
5,301 Sqft Lot
UPDATED:
Key Details
Property Type Vacant Land
Sub Type Other Residential Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID CRSR25105349
Lot Size 5,301 Sqft
Property Sub-Type Other Residential Land
Source California Regional MLS
Property Description
Marcus & Millichap is pleased to offer a development site located on a 5300 SF lot at 1506-1508 N Glendale Boulevard in the city of Echo Park. The property sits just near the intersection of Scott Avenue and Alvarado and backs to Liberty Street. The site is currently improved with a 1153 SF duplex consisting of one bedroom/one bathroom units. The property is in need of renovation and is being sold as land value. This is a unique opportunity to acquire a C2-IVL mixed use zoned property on a major and popular thoroughfare in Echo Park. The base density allows for 13 units, however, the property will benefit from the Transit-Oriented Community Incentive (TOC-Tier 2), potentially allowing up to 22 units. Further density may be available under the State Density Bonus program for affordable projects. The property is in an Enterprise zone which allows for special exemptions and favorable tax treatment. The area's proximity to major employment centers combined with its dining scene, recreational and cultural amenities have made Echo Park an increasingly desirable place to live. The area's high occupancy rate and the low homeownership rate shows the robust demand for rental properties. This healthy and continuous demand has helped boost asking rents which are exp
Location
State CA
County Los Angeles
Area C21 - Silver Lake - Echo Park
Zoning LSI,TNS,PRK,LV
Exterior
View None
Building
Lot Description Irregular
Others
Tax ID 5419018014
Special Listing Condition Not Applicable
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