11612 CULVER, Los Angeles, CA 90066

Property Description

We are pleased to present the opportunity to acquire a well located corner lot in the City of Los Angeles. 11612 Culver Blvd. sits on 12,749 SF of LAC2 zoned land which also allows for LAR4 uses. The current lot configuration is approximately 127' x 99'. Due to its classification as a Major Class II Highway, Culver Blvd. has a required width of 104' across the boulevard which currently has a width of 60'. Of the additional 44' of dedication, 22' is required along the property line that fronts Culver Blvd. Along Dawes Avenue, there will be an additional 2' of dedication. Taking into account the dedications, a developer could build up to 23 units +/- by right. With fewer than 1,000 new units under construction in the area, vacancy declined 40 Basis pts. to 3.2% as effective rents inched up 1.7% to $2,386 per month. Newly constructed condos in the area have been selling for $500/SF on avg. while newly constructed apartment buildings have been selling for $400/SF on avg.