Property listed by Keller Williams Hollywood Hills, Daniel Lalezari 310-623-1300
$2,699,999
Welcome to 1020 N ARDMORE AVE, a fully entitled RTI( Ready to Issue) permit project perfect for Developers, Investors , Contractors and Builders, ready to pull permits and to start building. This SHOVEL READY 100% Affordable ED1 project features 57 units including a manager's office that can be converted into… Read More a unit, 40-1 bedroom, 17- studios across a Type V, four story, fully stacked designed which features all wood frame floors on an almost 9,000 square foot lot plus an alley. This design has a significant savings in construction costs and time maximizing the most units with much lower construction costs compared to 5 stories and taller projects such as, Type III. Located in one of Los Angeles most vibrant and high demand area, the property located in Hollywood close to Sunset BLVD with a walk score of 87, close to restaurants, coffee shops and shopping centers. Due to its central location, the area is within top employment hubs and is minutes from Larchmont, Silverlake, Hollywood Walk of FAME, Paramount Studios, Melrose Hills and it is a highly desirable and attractive area that has other brand new construction apartments buildings nearby. The property is located in a TOC Tier 3 area, close to the Vermont/Sunset Metro Subway Station, making this very walkable and bike friendly. The stackable design features 25,292 square feet of building area with units ranging from approx 300-456 square feet. Based on the most recent schedule 6 & 9 rents from the covenant, the total monthly rents from the 57 units would bring a monthly gross income of $123,044 and yearly gross income of $1,476,528, or a buyer can look into achieving higher rents with Section 8 vouchers (buyer to verify). Each floor has a laundry room, outdoor bicycle area and storage. The property is currently a vacant land ready to start building right away, shovel ready!! The plans have no parking required, so developers don't have to pencil the high costs that come with on-grade parking, increasing additional significant savings to the project's construction costs and affordability. A developer can break ground right away and there has been a lot of money invested in the area. Each unit is designed for maximum affordability and optimized rental income. This development presents a rare and immediate opportunity for developers to bring much-needed affordable housing to one of LA's most sought-after areas. BUYER TO VERIFY ALL! Read Less
Listing Snapshot
Days Online
8
Last Updated
Beds
57
Square Ft.
25,292
Lot Size
0.2 Acres
Year Built
2026
MLS Number
26667287
Additional Details
Cooling
CentralAir
Building
Built in 2026, Living area: 25292.0, 1 building, 4 stories, Levels: MultiSplit
Heating
Central
Lot
0.2047 acres
Parking
None
Taxes
Parcel Number: 5537018021, Zoning: LAR3
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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