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$ 700,000
Est. payment | /mo
9,744 Sqft Lot
$ 700,000
Est. payment | /mo
9,744 Sqft Lot
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 26987925
HOA Y/N No
Lot Size 9,744 Sqft
Property Description
We are pleased to present the exclusive offering of Lookout Drive, a rare multifamily development opportunity ideally situated in the highly desirable Echo Park neighborhood of Los Angeles. The property consists of one approximately 9,743-square-foot parcel (APN 5415-015-048), offering investors and developers the opportunity to pursue new residential development in one of Los Angeles' most sought-after and supply-constrained rental markets. The property is zoned [LN1-MU2-5][RG1-FA][CPIO-O] and offers a base 1.5 FAR, with the potential to increase density through applicable Density Bonus incentives. The site allows for the development of up to 9 residential units by right without requiring the allocation of any units to affordable housing, subject to buyer verification and applicable development requirements. This provides an attractive opportunity to develop a boutique multifamily project without an affordable housing allocation at the base 9-unit density. Located just south of Dodger Stadium, the property offers convenient access to Echo Park, Chinatown, Downtown Los Angeles, and the greater Los Angeles area, with nearby employment centers, public transportation, dining, entertainment, and neighborhood retail. The elevated setting also provides expansive views of Downtown Los Angeles and the 110 Freeway corridor, offering the potential to incorporate the surrounding cityscape into a thoughtfully designed residential project. With limited opportunities for new multifamily development in established Los Angeles neighborhoods, Lookout Drive presents a compelling opportunity to capitalize on strong housing demand and the continued desirability of Echo Park. The combination of 9-unit by-right development potential, flexible zoning, elevated views, and a strategic location creates an attractive opportunity for developers seeking to create a distinctive residential project with long-term value potential.
Location
State CA
County Los Angeles
Area C21 - Silver Lake - Echo Park
Interior
Fireplace No
Exterior
View Y/N Yes
View City Lights
Building
New Construction No
Others
Senior Community No
Tax ID 5415015048
Special Listing Condition Standard
Listed by Maxwell Forester BRC Advisors- BH #02283478
Nearby Locations
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