539 N Hobart Blvd, Los Angeles, CA 90004

Property Description

We are proud to exclusively present for sale a Development Opportunity in Koreatown. A modern and attractive design with spacious apartments, this 39 Unit Project features all 2 Bed, 2 Bath units, many with balconies. 4 Units will be Affordable (Extremely Low Income) and the Project is not subject to RSO. The property consists of 3 contiguous lots totaling 18,438 SF R3-1 Tier 2 land. The design features one level of subterranean parking and one level of on grade parking, two elevators, a Leasing Office, an 866 SF Rec Room, Storage, Bicycle Parking, 67 Parking Spaces, Roof Decks and is about 90% completewithin striking distance of being Ready-to-Issue. The property has the possibility of converting the Leasing Office and/or the Rec Room to an ADU. The incredibly pedestrian friendly location gets a Walkers Paradise rating from Walk Score, being just down the street from Larchmont, Los Feliz and Virgil Village, with a great variety of restaurants, shopping and nightlife in the area. The Melrose and Western area has garnered tremendous attention, with a lot of money flowing in and a lot of new development all around. High paying Entertainment Industry Jobs can be found at Paramount Studios, Raleigh Studios and Conway Recording Studios just down the road. Central to all with easy access to the 101 freeway, and near both the Beverly/Vermont & Santa Monica Blvd./Vermont Metro Subway Stations, this location and this beautifully designed project is sure to rent quickly, at the top of the market, with many long-term tenants. Transaction includes 3 Lots, each with its own APN. APNs included in this transaction are: 5521-012-025, 5521-012-026 & 5521-012-027.