1463-1467 Wellesley Ave

The successful close of 1463-1467 Wellesley Avenue, a high-profile development opportunity located in 90025, one of the best zip codes in all of Los Angeles. The site is zoned LAR2-1 with dimensions that consists of 100 feet of frontage by 155.30 feet in depth. The developer opened escrow fully non contingent, with $200,000 released to Seller’s accommodator in return for a 6-month escrow. During escrow period the Buyer hired a top architect and designed conceptual plans for a 15-unit apartment building with 38 parking spaces. The proposed unit mix features 10 large 2+2 units and 5 large 3+3 units with 2 units dedicated for low income. The unit sizes range between 1,175-1,750 square feet with a roof top deck, gym, rec room and ample storage.

With a Walk Score of 95, this site is centrally located where most errands can be accomplished on foot. This pocket is one of the most sought-after locations, almost every corner on the boulevard has either been recently developed or will be developed in the near future. CIM recently build and sold a few properties nearby to UCLA, for graduate housing, see marketing package for more information. The Property is also ideally located a few miles from the world-famous beaches of Santa Monica & Venice and a short drive from the prominent cities of Century City, Westwood, Beverly Hills, Santa Monica and Brentwood.

Closing