112 S Croft Ave, Los Angeles, CA 90048

Property Description

We are pleased to present a 7,495 square foot (SF) redevelopment site located at 112 South Croft Avenue in Los Angeles, California. This single lot offering is situated in a prime Beverly Grove location. Beverly Grove was built primarily in the 1920s and has a combination of quiet charm and close proximity to shopping, restaurants, and museums. Half of Beverly Grove residents aged 25 and older possessed a four-year degree in 2000, a high rate for both the city and the county. The percentage of residents with a masters degree was also high. One of the more noticeable features of this submarket is the Beverly Center, opened in 1982, which has various designer stores and restaurants. The Beverly Center is also home to the Museum of Dream Space, which is known as the first museum mainly exhibiting digital art in the United States. This area is also known for its trendy, upscale dining with options within walking distance from the subject property such as Magnolia Bakery, Montys Good Burger, Son of a Gun, Toca Madera, The Phoenix, DAmores Pizza, and Winston Pies. This offering is positioned on one (1) parcel of land totaling 7,495 square feet (SF) of land with a zoning ordinance of LAR3-1. This allows for nine (9) units by-right and a FAR of 3:1 by-right. Additionally, this offering is granted Tier 2 TOC bonus incentives which allows for a 60% density bonus and a 45% FAR bonus. The density bonus allows for the development of seven (7) additional units totaling sixteen (16) potential buildable units. A total of two (2) additional incentives are accounted for provided that over 10% of the total units are very-low income. To accomplish this, only two (2) out of the sixteen (16) units would need to be very-low income to secure these incentives. The FAR bonus increases the FAR to 4.35:1. Positioned in a prime Beverly Grove location, this offering presents an excellent opportunity for an astute developer to capitalize on a unique development opportunity that is not subject to Beverly Groves RFA anti-mansionization ordinance.