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    112 S Croft Avenue

    Los Angeles (City), CA 90048
    • $2,750,000
    • STATUS: Active Under Contract
    • ON SITE: 40 Days
    • ID#: 21782492
    Under Contract
    UPDATED: 66 min ago
    $2,750,000
    • 0
      BEDS
    • 0.17
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Type:
    Vacant Land / Lots
    County:

    School Ratings & Info

    Description

    We are pleased to present a 7,495 square foot (SF) redevelopment site located at 112 South Croft Avenue in Los Angeles, California. This single lot offering is situated in a prime Beverly Grove location. Beverly Grove was built primarily in the 1920s and has a combination of quiet charm and close proximity to shopping, restaurants, and museums. Half of Beverly Grove residents aged 25 and older possessed a four-year degree in 2000, a high rate for both the city and the county. The percentage of residents with a masters degree was also high. One of the more noticeable features of this submarket is the Beverly Center, opened in 1982, which has various designer stores and restaurants. The Beverly Center is also home to the Museum of Dream Space, which is known as the first museum mainly exhibiting digital art in the United States. This area is also known for its trendy, upscale dining with options within walking distance from the subject property such as Magnolia Bakery, Montys Good Burger, Son of a Gun, Toca Madera, The Phoenix, DAmores Pizza, and Winston Pies. This offering is positioned on one (1) parcel of land totaling 7,495 square feet (SF) of land with a zoning ordinance of LAR3-1. This allows for nine (9) units by-right and a FAR of 3:1 by-right. Additionally, this offering is granted Tier 2 TOC bonus incentives which allows for a 60% density bonus and a 45% FAR bonus. The density bonus allows for the development of seven (7) additional units totaling sixteen (16) potential buildable units. A total of two (2) additional incentives are accounted for provided that over 10% of the total units are very-low income. To accomplish this, only two (2) out of the sixteen (16) units would need to be very-low income to secure these incentives. The FAR bonus increases the FAR to 4.35:1. Positioned in a prime Beverly Grove location, this offering presents an excellent opportunity for an astute developer to capitalize on a unique development opportunity that is not subject to Beverly Groves RFA anti-mansionization ordinance.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-10-21T10:26:19.19. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or CENTURY 21 Jordan-Link & Co.. Licensed in the State of California, USA.
    www.century21jordanlink.com/homes/121338986
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    112 S Croft Avenue Los Angeles (City), CA 90048

    • Price: $2,750,000
    • Status: Active Under Contract
    • Updated: 66 min ago
    • ID#: 21782492
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.17
    Acres
    Neighborhood:
    C19 - Beverly Center-Miracle Mile
    County:
    Los Angeles
    Area:
    C19 - Beverly Center-Miracle Mile
    Property Description
    We are pleased to present a 7,495 square foot (SF) redevelopment site located at 112 South Croft Avenue in Los Angeles, California. This single lot offering is situated in a prime Beverly Grove location. Beverly Grove was built primarily in the 1920s and has a combination of quiet charm and close proximity to shopping, restaurants, and museums. Half of Beverly Grove residents aged 25 and older possessed a four-year degree in 2000, a high rate for both the city and the county. The percentage of residents with a masters degree was also high. One of the more noticeable features of this submarket is the Beverly Center, opened in 1982, which has various designer stores and restaurants. The Beverly Center is also home to the Museum of Dream Space, which is known as the first museum mainly exhibiting digital art in the United States. This area is also known for its trendy, upscale dining with options within walking distance from the subject property such as Magnolia Bakery, Montys Good Burger, Son of a Gun, Toca Madera, The Phoenix, DAmores Pizza, and Winston Pies. This offering is positioned on one (1) parcel of land totaling 7,495 square feet (SF) of land with a zoning ordinance of LAR3-1. This allows for nine (9) units by-right and a FAR of 3:1 by-right. Additionally, this offering is granted Tier 2 TOC bonus incentives which allows for a 60% density bonus and a 45% FAR bonus. The density bonus allows for the development of seven (7) additional units totaling sixteen (16) potential buildable units. A total of two (2) additional incentives are accounted for provided that over 10% of the total units are very-low income. To accomplish this, only two (2) out of the sixteen (16) units would need to be very-low income to secure these incentives. The FAR bonus increases the FAR to 4.35:1. Positioned in a prime Beverly Grove location, this offering presents an excellent opportunity for an astute developer to capitalize on a unique development opportunity that is not subject to Beverly Groves RFA anti-mansionization ordinance.
    Exterior Features

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    Property Features

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    Listing provided courtesy of Jason Tuvia of Marcus & Millichap


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-10-21T10:26:19.19. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or CENTURY 21 Jordan-Link & Co.. Licensed in the State of California, USA.
     
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    Visalia CA, 93277