Executive Summary

The Neema Group of Marcus and Millichap is proud to present 612- 616 N Juanita Ave, a double lot multifamily development opportunity located in the East Hollywood neighborhood of Los Angeles

Located just east of N Vermont Ave and south of Melrose Ave with easy access to the 101 Freeway, this is a unique opportunity for a developer to acquire 15,003 SF lot zoned R3-1 in a Tier 3 TOC offered at a low price per SF of $153

An investor could build 19 units by right or utilize the TOC density increase and build up to 38 units; ownership currently has preliminary plans for a 38-unit project featuring a unit mix of 25 one-bedrooms (717-874 SF) and 13 two-bedrooms (762-1,348 SF) and one level of subterranean parking; however, a developer could eliminate the parking requirement via AB 2097 (Buyer to verify).

Alternatively, there is also potential to achieve unlimited density via AB 2345 and expedited entitlement process through Executive Directive 1 if a 100% affordable housing project is pursued, or a mixed income project via AB 1287 and the state density bonus

The double lot will be delivered vacant, and with the existing structures demolished

High Walk Score of 90, 612-616 N Juanita Ave is located two blocks from LA City College, a half mile from the Vermont/Beverly Station, and steps to multiple Metro local line stops along N Vermont Ave

Central location that is beneficial for residents that commute throughout the city with close proximity to Koreatown, Westlake, Silver Lake, and Downtown Los Angeles