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1110 N Gower St
0.15 Acres of Commercial Land Offered at £1,487,558 in Los Angeles, CA 90038
Investment Highlights
- Vacant two-story commercial building approximately 2,133 SF (per County Assessor). Additional 2,000 SF storage building at the rear.
- Ample land area to develop a new multi-family apartment building on the entire site.
- The property is located in an Opportunity Zone providing tax incentives and deferred capital gains.
- Owner-user opportunity.
- Demand for housing in Hollywood is very high, and apartment rents are strong within the sub-market.
Executive Summary
1110 N Gower Street is comprised of an approximately 4,133 SF two story commercial building on approximately 6,500 SF of land zoned CM-1VL. The property has two unoccupied structures that total approximately 4,133 SF which will be delivered vacant at the close of escrow: a two-story commercial building approximately 2,133 SF (per County Assessor), and an additional 2,000 SF storage building at the rear which may be
unpermitted.
Key Features:
- Strategic Location: Located in the heart of Hollywood, just north of the intersection of Santa Monica Boulevard and Gower Street.
- Development Potential: The CM zoning allows for a variety of commercial and residential uses.
- Opportunity Zone Designation: Take advantage of potential tax incentives and benefits for qualified investments.
- Ample Land Area: The property offers ample space for redevelopment or expansion.
- High Demand: Benefit from strong demand for housing in Hollywood and robust apartment rental rates.
- Transit-Oriented Community (TOC) Zoning: Enjoy potential FAR and unit density bonuses by incorporating affordable housing units.
- State Affordable Housing Bonus Law: Take advantage of a 100% density bonus by providing 30% of the base units as affordable housing.
- Hollywood Community Plan Update (HCPU): Potential for further FAR and unit density bonuses upon implementation.
Ideal for:
- Owner-users seeking a versatile property.
- Investors looking for a prime development opportunity.
- Developers seeking to capitalize on the strong demand for housing in Hollywood.
Property Facts
| Price | £1,487,558 | Property Subtype | Commercial |
| Sale Type | Investment or Owner User | Proposed Use | |
| No. Lots | 1 | Total Lot Size | 0.15 AC |
| Property Type | Land | Opportunity Zone |
Yes
|
| Price | £1,487,558 |
| Sale Type | Investment or Owner User |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | |
| Total Lot Size | 0.15 AC |
| Opportunity Zone |
Yes |
1 Lot Available
Lot
| Price | £1,487,558 | Lot Size | 0.15 AC |
| Price Per AC | £9,968,958 |
| Price | £1,487,558 |
| Price Per AC | £9,968,958 |
| Lot Size | 0.15 AC |
Approximately 6,500 square foot lot zoned CM. Two story commercial building approximately 2,133 SF on site. Property is located in an Opportunity Zone.
Description
1110 N Gower Street is comprised of an approximately 4,133 SF two story commercial building on approximately 6,500 SF of land zoned CM-1VL. The property has two unoccupied structures that total approximately 4,133 SF which will be delivered vacant at the close of escrow: a two-story commercial building approximately 2,133 SF (per County Assessor), and an additional 2,000 SF storage building at the rear which may be unpermitted. Zoning and Development Potential: - Base FAR of 1.5: This allows for a maximum building size of approximately 9,799.5 square feet. - Base Unit Density of R3: This permits a maximum of 8 units on the property. - Affordable Housing Bonus: By providing 30% of units as affordable housing, the developer can increase the total number of units to approximately 17 (13 market rate, 4 affordable). -Hollywood Community Plan Update: Potential for further bonuses, increasing the total allowable units and building size.
PROPERTY TAXES
| Parcel Number | 5534-016-014 | Improvements Assessment | £11,775 |
| Land Assessment | £851,715 | Total Assessment | £863,490 |
PROPERTY TAXES
zoning
| Zoning Code | CM (CM Zoning. The property is located in an Opportunity Zone.) |
| CM (CM Zoning. The property is located in an Opportunity Zone.) |
-
David Ghermezian -
Jonathan Dadourian -
Newmark
Presented by
1110 N Gower St
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