Asking Price: $6,900,000 | ​​​​​​​

We are pleased to offer an exceptional opportunity to acquire a 13,500 Sq.Ft. double lot in a prime Westwood location. The site is located directly adjacent to Veteran Park, north of Santa Monica Blvd. and west of Westwood Blvd. Currently on the site are two existing buildings with a a total of 7 units. All of the units are VACANT as of March 2024 due to the Ellis Act. The zoning allows for multiple development options. The property is zoned QR3 and qualify for Tier 3 of the (TOC) Plan. The site supports an approximately 110-unit ED1 low-income project with a ministerial and streamlined approval process, requiring no parking. Alternatively, it can accommodate a CHIP OC-3 density bonus project, where approximately 70% of the units would be market rate. Additionally, the property is in the process of RTI development for 29-unit. The plans include a six-story residential building spanning approximately 34,000 square feet, featuring a well-balanced unit mix of 6 one-bedroom, 11 two-bedroom, and 12 three-bedroom units, with 5 units designated as deed-restricted affordable housing with one level subterranean and one on grade parking including 44 parking spaces. Incredible opportunity to purchase a development in one of the most desired rental locations in all of Los Angeles in close proximity to UCLA, Brentwood, Century City and Beverly Hills.