10 Unit Entitled Development | 90035 | Fairfax Heights
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The successful sale of 1541 S Hayworth Avenue in Los Angeles, California.
Property Overview
The Site is 6,850 square feet in total and it is zoned R3 & TOC-3, which would allow for a maximum of 16 units to be built. However, the seller of this property entitled it for only 10 units in order not have to build subterranean parking, saving on construction costs. The sellers plans, which are very close to full RTI status, still needed to use the TOC bonus to get to 10 units, which forced 3 of the 10 units to be restricted to affordable housing.
Deal Story
As we were preparing to go to market, we received a call from a client of ours asking for us to find him something to buy for a 1031 exchange that he was in. This is a type of call we receive almost daily. Since we consistently have dozens of listings on the market at any given time, and we average almost 2 new listings per week, we often receive calls from 1031 exchange buyers or brokers asking us what we have newly listed. This is another reason why our clients hire us to sell their properties because we always know who the exchange buyers and brokers are at any given time.
During this phone call with our exchange client, we found out that he coincidently owns 1537 S Hayworth, the lot directly next door, and he was in the process of getting plans to develop his lot into a 16 unit apartment building (maximizing his density). Our client decided that he was willing to entirely scrap his plans that...
