1531 Sawtelle Blvd, Los Angeles

The LAAA Team of Marcus & Millichap is proud to announce the successful closing of 1531 Sawtelle Blvd located in the 90025 zip code of Los Angeles.

We represented the buyer on this deal which was listed by our good friends and colleagues, The Agnew | Serling Group. They are a top performing team that specializes in the sale of office, industrial, and retail, and they sit in the same Encino office of Marcus & Millichap as our apartment team so we have become very close to them professionally and personally.

Property Overview

The property, which was sold to a developer for land value, boasts a great C2 and TOC Tier 2 zoning, which allows a developer to build 19 units by right or up to 32 units with the TOC density bonus.

1531 Sawtelle Blvd is an approximate 7,031 SF Lot located in West Los Angeles. The property provides a great opportunity for a developer to acquire a rare lot in the bustling Sawtelle district. 1531 Sawtelle Blvd is currently occupied by Bundy’s Lock & Key Co. on a month-to-month basis. The asset, Zoned C2, also boasts a Tier 2 TOC bonus that allows a developer to build up to 32 units and 23,660 SF of building.

The property is truly centered in the heart of West Los Angeles. It is located on Sawtelle Blvd, a main North-South thoroughfare that is one block parallel to the 405 freeway. The property also sits one block north of Santa Monica Blvd, one block south of the US Veterans Affairs Hospital, and one block west of the on and off ramps for the 405 freeway. This section of Los Angeles boasts ideal demographics as there are more than 265,359 people living in a 3-mile radius, with an average household income exceeding $156,433 in a 3-mile radius.

Deal Story

One of our friends and coworkers, John Lally of the Agnew | Serling Group, listed this this property in mid June 2022 with an asking price of $3,000,000. John gave us a first look at this new listing of his because he knew of our great

We sent this listing's marketing package to three of our developer clients that we've worked with on previous West LA listings. One of those three developers came back to us after their initial underwriting and wanted to write an offer. We submitted his offer to the seller and were able to get him a single (binding) counter offer from the seller right away. We successfully opened escrow at $2,950,000 on July 6th with 30 days due diligence for the buyer and a 60-day close of escrow. The Buyer removed all contingencies on time and without any...