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1238 Larrabee St

West Hollywood, CA 90069
  • $5,500,000
  • STATUS: Active Under Contract
  • ON SITE: 137 Days
  • MLS #: 23-337031
Under Contract
UPDATED: 123 min ago
$5,500,000
  • 0
    BEDS
  • 0.29
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Vacant Land / Lots
County:

School Ratings & Info

Description

We are proud to exclusively present for sale a development site in prime West Hollywood Hills, above the Sunset Strip, up the street from the Viper Room! Future residents at this location will be walking distance to the envy-inducing Sunset Strip with all types of dining, shopping, and entertainment, and the nightlife found on Santa Monica Blvd. The site is a rare Double Lot tucked away in an A+ exceptional location just North of the famed Sunset Blvd. and East of San Vicente Blvd. With 13,367 SF of WDR4 zoned land, the property is poised to quickly reach tenant (or condo-owner) capacity no matter what is built on site. The proposed plans consist of 24 luxury apartment units with a class A design. The unit mix is attractive for the immediate area, with twenty large 2 bed + 2 bath & four 1 bed + 1 bath well laid-out homes. The four 1+1s will be dedicated to affordable housing; ten units will be rent stabilized (rents to be set to market rents at time of intial rental). Three of the 2 bedroom units will be spacious Penthouses with incredible views. The proposed design includes a common-area Rooftop with a pool and stunning expansive views of Greater Los Angeles. Or build more units with Assembly Bill 1287 Density Bonus! The 1 mile radius Average Household Income is over $140,000, making it clear that the immediate area attracts high income earners who want to reside in the finest of what Los Angeles County has to offer. The current ownership has started the process of entitling the proposed development project. A buyer can take advantage of the work already done, saving significant time required to break ground when taking over the current project. Purchase to renting out designer units in a streamlined, shortened time frame! Build the talk of the town! Currently on the lot there are 14 units that are registered with the City of West Hollywood, but only 10 units show on Title. The property will be delivered fully vacant. Save yourself the headache of relocating people! The Project and Property are being sold as-is; the Project will not be delivered RTI. Seller does not guarantee the design, square footages, parking spaces nor any other details about the Proposed Plans; the final Plans will be the result of negotiations with the City of West Hollywood. Listing includes two lots each with their own APN: 1238 & 1244 Larrabee St. - 5560-021-018 & 5560-021-017.

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2024-04-03T23:43:14.5. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
www.desertarealuxuryhomes.com/homes/145766694
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1238 Larrabee St West Hollywood, CA 90069

  • Price: $5,500,000
  • Status: Active Under Contract
  • On Site: 137 Days
  • Updated: 123 min ago
  • MLS #: 23-337031
0
Beds
0
Baths
0
½ Baths
0.29
Acres
Neighborhood:
Sunset Strip - Hollywood Hills West
County:
Los Angeles
Area:
Sunset Strip - Hollywood Hills West
Property Description
We are proud to exclusively present for sale a development site in prime West Hollywood Hills, above the Sunset Strip, up the street from the Viper Room! Future residents at this location will be walking distance to the envy-inducing Sunset Strip with all types of dining, shopping, and entertainment, and the nightlife found on Santa Monica Blvd. The site is a rare Double Lot tucked away in an A+ exceptional location just North of the famed Sunset Blvd. and East of San Vicente Blvd. With 13,367 SF of WDR4 zoned land, the property is poised to quickly reach tenant (or condo-owner) capacity no matter what is built on site. The proposed plans consist of 24 luxury apartment units with a class A design. The unit mix is attractive for the immediate area, with twenty large 2 bed + 2 bath & four 1 bed + 1 bath well laid-out homes. The four 1+1s will be dedicated to affordable housing; ten units will be rent stabilized (rents to be set to market rents at time of intial rental). Three of the 2 bedroom units will be spacious Penthouses with incredible views. The proposed design includes a common-area Rooftop with a pool and stunning expansive views of Greater Los Angeles. Or build more units with Assembly Bill 1287 Density Bonus! The 1 mile radius Average Household Income is over $140,000, making it clear that the immediate area attracts high income earners who want to reside in the finest of what Los Angeles County has to offer. The current ownership has started the process of entitling the proposed development project. A buyer can take advantage of the work already done, saving significant time required to break ground when taking over the current project. Purchase to renting out designer units in a streamlined, shortened time frame! Build the talk of the town! Currently on the lot there are 14 units that are registered with the City of West Hollywood, but only 10 units show on Title. The property will be delivered fully vacant. Save yourself the headache of relocating people! The Project and Property are being sold as-is; the Project will not be delivered RTI. Seller does not guarantee the design, square footages, parking spaces nor any other details about the Proposed Plans; the final Plans will be the result of negotiations with the City of West Hollywood. Listing includes two lots each with their own APN: 1238 & 1244 Larrabee St. - 5560-021-018 & 5560-021-017.
Exterior Features

Lot Size Area 13368 View Description OtherCity View YN Yes

Property Features

Cable YN Yes Disclosures As IsOtherRent Control Potential Usage Build 24+/- Units. Possible higher density with more Affordable Housing concessions. Present Use 14 Unit Residential Income Building Delivered Vacant. Only 10 Units Show on Title. Sale Type Standard Source Lot Size Area Assessor Source Lot Size Dimensions Assessor Zoning WDR4

Listing provided courtesy of Dario Svidler DRE#01884474 of Keller Williams Beverly Hills: 310-432-6400.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2024-04-03T23:43:14.5. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
 
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