The LAAA Team of Marcus & Millichap is proud to present 2829 Waverly Drive, an entitled small lot development opportunity located in Silver Lake, California, one of Los Angeles' most sought after neighborhoods. The site sits on 43,290 square feet of land, zoned RD1.5-1XL-RIO and is fully entitled for 13 luxury small lot homes. The lot currently contains a 4-unit and 2 attached single-family buildings for a total of 6 units. Plans call for an attractive mix of 2 and 3 bedroom homes, ample parking and large private terraces. Unit sizes range from 1,389 to 2,027 square feet and are designed by award-winning architectural firm KTGY. This project offers a distinctive opportunity for a developer to set the standard for new homes in Silver Lake and realize premium returns on exit.

The offering is ideally situated along a quiet hilltop street in one of the best pockets of Silver Lake. The lot is located just north of the Silver Lake Reservoir and walking distance from Rowena Avenue and Hyperion Avenue, which are home to some of Silver Lake’s most popular shops, restaurants, bars and nightlife. Just a short block away is the highly prized Ivanhoe Elementary School, one of the top rated elementary schools in California. The area boasts impressive demographics, with an approximate average household income of $125,000 within a 1 mile radius.

Silver Lake is a short 3 miles from Downtown Los Angeles along the iconic Sunset Boulevard and is well known as a mecca for artists, hipsters, writers, foodies, musicians, actors, activists and entrepreneurs. Residents are extremely diverse with a unique mix of creatives, celebrities, professionals and families. Its close proximity to Downtown LA exposes residents to the world class shopping, dining, entertainment and nightlife very close by.

This represents the rare opportunity to acquire nearly a full acre development site, entitled to build 13 homes.