The LAAA team at Marcus & Millichap is proud to present this REO redevelopment listing in prime West Hollywood, CA.

Located at 1046 N Genesee Ave, this 0.15 acre lot currently has a vacant house on it, and is perfect for the development of luxury condo or small lot homes. With the R3 zoning, a developer can build up to 5 units/condos by right. Furthermore, this property could be perfect for SB 684, which is a new California law enacted in October 2023 that streamlines the approval process for development projects of 10 or fewer units on urban lots under 5 acres. CLICK HERE to learn more about SB 684.

The seller, who's the lender that recently foreclosed on this lot, is willing to give extremely attractive financing to a qualified developer for 2+ years, enough time to bridge the gap from close of escrow to the funding of the construction loan. They're willing to give a high leveraged loan with interest-only payments at rates significantly below market. Give us a call or email to learn more about this seller financing option.

This pocket of West Hollywood is teething with development activity, with dozens of new construction condos and small lot projects being built within walking distance of 1046 N Genesee in the past 5 years, and there are more being built now. Once the luxury condos are finished being built, they are selling quickly on the market and many condos are achieving more than $1,000/SF on the sale. Specifically, a great comp recently closed in a building just one block away from 1046 N Genesee. This was the recent sale of an 1,800 SF condo built in 2023 that closed for $1,950,000, or $1,083/SF.