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Natalie Miranda
marketing@thewhipplegroup.com$ 1,395,000
Est. payment | /mo
7,514 Sqft Lot
$ 1,395,000
Est. payment | /mo
7,514 Sqft Lot
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 25589527
HOA Y/N No
Lot Size 7,514 Sqft
Property Description
933 South Gramercy Place offers a prime ground-up multifamily development opportunity in Los Angeles' thriving Mid-City/Koreatown corridor. This vacant parcel is zoned LAR3 on a 7,506 square foot lot and benefits from TOC Tier 2 incentives, allowing for a density bonus above the base zoning while reducing parking and setback requirements. By-right zoning supports approximately 9 units, with TOC Tier 2 bonuses expanding the development potential to 14/15 units. The property is currently presented with a fully conceptualized plan for 17 units, including two deed-restricted affordable units to satisfy TOC requirements, offering investors a bold but realistic roadmap to maximize the site's value. The proposed program capitalizes on transit-oriented incentives, minimizing hard costs tied to subterranean parking and aligning with the city's sustainable urban growth objectives. Revenue projections support a solid yield-on-cost spread relative to estimated construction costs. 933 South Gramercy Place is a strategically positioned, clean land play with a clear entitlement path, strong rental demand drivers, and conceptual plans available for investor review. This is a compelling opportunity for developers and investors seeking to place capital in one of Los Angeles' strongest rental growth markets, with the framework in place to deliver a high-performing multifamily asset and generate substantial long-term returns. Serious inquiries are encouraged to request and review the conceptual plans in full.
Location
State CA
County Los Angeles
Area C18 - Hancock Park-Wilshire
Zoning LAR3
Interior
Fireplace No
Exterior
View Y/N Yes
Building
New Construction No
Others
Senior Community No
Tax ID 5092022004
Special Listing Condition Standard
Listed by Matthew Paul Rodeo Realty
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Natalie Miranda
Marketing Director | License ID: 02122928