The LAAA Team of Marcus and Millichap is pleased to present 1463-1467 Wellesley Avenue, a high profile Condo / Small Lot Ordinance development opportunity located in 90025, one of the best zip codes in all of Los Angeles. The site is zoned LAR2-1 with dimensions that consists of 100 feet of frontage by 155.30 feet in depth. LAR2-1 allows for one dwelling unit per 2,500 SF of land and for this site, allows a developer to build 6 units by-right and a maximum building envelope of 32,400 SF. With a density bonus, a developer can build 10 units and a building envelope of 44,834 SF. This site would probably be best suited for a small lot subdivision or Co-living concept. Average new construction homes in this zip code sell for over $2.4 million dollars and over $750 per SF.
The property is ideally located a few miles from the world famous beaches of Santa Monica & Venice and a short drive from the prominent cities of Century City, Westwood, Beverly Hills, Santa Monica and Brentwood. With this ease of access and proximity to up-and-coming tech companies, young and educated professionals are flocking to the area creating significant demand for housing. The dense immediate population, high barriers to entry, strong market fundamentals, and plethora of local amenities, offers an investor or developer, landlord favored market conditions with significant growth potential.
The location offers a multitude of convenient transit options including a 3 minute drive to the 10 freeway on-ramp, a 5 minute drive to the 405 freeway on-ramp and only 1 mile away from the bundy/Expo Station. With a Walk Score of 95, the offering is centrally located where most errands can be accomplished on foot.
The subject property is right on the cusp of countless development projects which would yield hundreds of new units either proposed or underway. Some new projects proposed or underway in close proximity include: new shops in the Martin Expo Town Center on Bundy and Olympic, 516 apartments, a grocery store, a 10-story office tower, and a proposed 129 dwelling units at the corner of Pico and Gateway Boulevard. The property is surrounded by a myriad of local amenities including Beverly Hills’ Rodeo Drive, Culver City Studios, Fox Studios, the new Century City mall, Sawtelle’s Japantown, and Westwood Village, all within 4 miles. Major employers in the region include entertainment giants 21st Century Fox and Sony Pictures. While roughly 20,000 jobs are in the motion-picture industry, ancillary businesses tied to entertainment are a major source of employment, such as marketing and advertising.