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1052 N Martel Ave - REO Listing | West Hollywood | Redevelopment

0.15 Acres of Residential Land Offered at £1,525,778 in West Hollywood, CA 90046

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Investment Highlights

REO Redevelopment Listing
Prime West Hollywood Location
Built 12 Units w/ Density Bonus

Seller Will Give Attractive Loan
Build 5 Condos or 5 Small Lots
Property has a Vacant Duplex

Executive Summary

This listing is one of two properties listed for this seller. Both listings are basically identical development opportunities in the same pocket of West Hollywood, just a few blocks from each other. Seller would prefer to sell both to the same buyer.

1052 N Martel - Flyer

Offering Memorandum

Property Facts Under Contract

Price	£1,525,778	Property Type	Land
Sale Type	Investment	Property Subtype	Residential
No. Lots	1	Total Lot Size	0.15 AC

Price	£1,525,778
Sale Type	Investment
No. Lots	1
Property Type	Land
Property Subtype	Residential
Total Lot Size	0.15 AC

1 Lot Available

Lot

Price	£1,525,778	Lot Size	0.15 AC
Price Per AC	£10,024,820

Price	£1,525,778
Price Per AC	£10,024,820
Lot Size	0.15 AC

Description

Marcus & Millichap is proud to present this REO redevelopment listing in prime West Hollywood, CA. Located at 1052 N Martel, this 0.15 acre lot currently has a vacant duplex on it, and is perfect for the development of luxury condo or small lot homes. With the R3 zoning, a developer can build up to 5 units/condos by right. Furthermore, this property could be perfect for SB 684, which is a new California law enacted in October 2023 that streamlines the approval process for development projects of 10 or fewer units on urban lots under 5 acres. The buyer could also choose to build up to 12 apartment units utilizing AB 1287, the new 2023 California State Density Bonus Law which enables projects to obtain up to 100% density bonus by providing affordable units. For a 12 unit project on this site, at least 15% of the units would need to be set aside for very low income tenants. That means the buyer could build a 12 unit project on this site with 10 market-rate units and 2 very-low-income units. The seller, who's the lender that recently foreclosed on this lot, is willing to give extremely attractive financing to a qualified developer for 2+ years, enough time to bridge the gap from close of escrow to the funding of the construction loan. They're willing to give a high leveraged loan with interest-only payments at rates significantly below market. Give us a call or email to learn more about this seller financing option.

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