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1310 S St Andrews Pl

Los Angeles, CA 90019
  • $3,400,000
  • STATUS: Active
  • ON SITE: 109 Days
  • ID#: 22-137545
UPDATED: 43 min ago
$3,400,000
  • 0
    BEDS
  • 0.3
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Vacant Land / Lots
County:

School Ratings & Info

Description

We are pleased to present 1310 South Saint Andrews Place in the Harvard Heights neighborhood of Mid-City Los Angeles, a high profile opportunity to acquire a 0.30 acre lot with fully entitled plans to build 43 apartment units. The well designed plans will create a beautiful looking building after built, and they take advantage of the lot's great C2 & TOC-3 zoning by designing for only 1 level of subterranean parking with 5 stories above ground. With the utilization of the TOC tier-3 bonus, the building will have 27 parking spots underground and an additional 48 bicycle parking spots on the first floor. Furthermore, the 43 unit building will have 7 units restricted to affordable housing. The building will also include a lobby, elevator, bicycle room, recycling room, and a rooftop deck. The finished building, which will be about 27,400 square feet, will boast a strong unit mix of (5) singles, (28) 1 bed / 1 bath units, and (10) 2 bed / 2 bath units. On average, the single, 1 bed, and 2 bed units will be 400 sqft, 600 sqft, and 863 sqft, respectively. After the building is completed, rented out, and stabilized, the future value of the property will be an estimated $18,500,000. Assuming a developer can build this property for $350 per sqft, it will cost about $9.5M to complete the build in its entirety. Even with over $1.0M of carrying costs factored in, we are projecting more than $3.25M in profit for the developer, which is nearly a 20% profit percentage of net sale revenues. The property is very well located in Mid City's Harvard Heights neighborhood in Los Angeles. Harvard Heights is a densely populated neighborhood with historical significance. It sits west of Downtown Los Angeles and near the West Adams neighborhood. The neighborhood is largely protected within a Los Angeles Historic Preservation Overlay Zone, for its architecturally significant real estate. Harvard Heights is about one mile from West Adams, which has seen recent development activity from developers such as CIM Group and Carmel Partners.

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-07-05T13:43:49.013. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
www.brandiprattrealestate.com/homes/126821885
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1310 S St Andrews Pl Los Angeles, CA 90019

  • Price: $3,400,000
  • Status: Active
  • On Site: 109 Days
  • Updated: 43 min ago
  • ID#: 22-137545
0
Beds
0
Baths
0
½ Baths
0.3
Acres
Neighborhood:
Mid Los Angeles
County:
Los Angeles
Area:
Mid Los Angeles
Property Description
We are pleased to present 1310 South Saint Andrews Place in the Harvard Heights neighborhood of Mid-City Los Angeles, a high profile opportunity to acquire a 0.30 acre lot with fully entitled plans to build 43 apartment units. The well designed plans will create a beautiful looking building after built, and they take advantage of the lot's great C2 & TOC-3 zoning by designing for only 1 level of subterranean parking with 5 stories above ground. With the utilization of the TOC tier-3 bonus, the building will have 27 parking spots underground and an additional 48 bicycle parking spots on the first floor. Furthermore, the 43 unit building will have 7 units restricted to affordable housing. The building will also include a lobby, elevator, bicycle room, recycling room, and a rooftop deck. The finished building, which will be about 27,400 square feet, will boast a strong unit mix of (5) singles, (28) 1 bed / 1 bath units, and (10) 2 bed / 2 bath units. On average, the single, 1 bed, and 2 bed units will be 400 sqft, 600 sqft, and 863 sqft, respectively. After the building is completed, rented out, and stabilized, the future value of the property will be an estimated $18,500,000. Assuming a developer can build this property for $350 per sqft, it will cost about $9.5M to complete the build in its entirety. Even with over $1.0M of carrying costs factored in, we are projecting more than $3.25M in profit for the developer, which is nearly a 20% profit percentage of net sale revenues. The property is very well located in Mid City's Harvard Heights neighborhood in Los Angeles. Harvard Heights is a densely populated neighborhood with historical significance. It sits west of Downtown Los Angeles and near the West Adams neighborhood. The neighborhood is largely protected within a Los Angeles Historic Preservation Overlay Zone, for its architecturally significant real estate. Harvard Heights is about one mile from West Adams, which has seen recent development activity from developers such as CIM Group and Carmel Partners.
Exterior Features

Lot Size Area 13141 View Description None View YN No

Property Features

Cable YN Yes Sale Type Standard Source Lot Size Area Vendor Enhanced Zoning Lac2

Listing provided courtesy of Filip Niculete DRE#01905352 of Marcus & Millichap.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-07-05T13:43:49.013. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
 
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eXp Realty of California, Inc.
2603 Camino Ramon, Suite 200
San Ramon CA, 94583