1051 North Edinburgh Avenue

West Hollywood CA 90046

6534 sq. ft.

Land

Currently for sale - view listing

Overview

New Price Adjustment of $605,000 | Total Price Adjustment of $1,005,000 | We are pleased to present the exclusive listing of a by right development opportunity. 1051 N Edinburgh Ave is a prime West Hollywood location nestled south of Santa Monica Blvd, east of Crescent Heights and west of Fairfax Ave. The proposed development project consists of 28 Market rate units and 7 affordable units, totaling 35 Units, within 37,316 sqft of gross floor area on 6,532 sqft of land & one level subterranean with the ability to do automated parking for a total of 22 spaces. The Development project was submitted prior to West Hollywood's compliance of their housing element and is one of only four projects in the city that were submitted under the Housing Accountability Actsection of the California Government Code that has been colloquially labeled the Builder's Remedy. The project can be designed as anything between 25 and 35 units so long as 20% of the total are affordable or does not veer 20% or more from the square footage of the submitted SB330 Application (CA Building Code Square Footage)Per Costar, there are 10 projects under construction consisting of 5-43units within .4 miles of Edinburgh. Even if you reduced the density to25 units to achieve larger units, 1051 n Edinburgh would have the 2ndlargest unit count of the under-construction projects allowing for a valuable mid-size asset in a superb location. Additionally, there were only 6 projects that have been completed within mile of the subject property in the last 5 years. Introducing only 171 new units to cater to those who want to live the sought-after West Hollywood lifestyle. Upon completion, new construction projects are primed to command top rentals seen by the six (6) new construction projects recently completed. The existing improvements consist of a duplex comprised of two separate structures with a 2+1 and a 1+1 built in 1923 situated on a 6,532 square foot lot, delivered vacant at close of escrow. Buyer to verify all information including but not limited to proposed development unit count and SF independently and with listing broker

Features

6534 sq. ft. lot size

Land

Property history for 1051 North Edinburgh Avenue

2022

Sold

$1,400,000

05 Oct 2022 by Anthony Lopez, of Compass

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