419 S Alvarado Street

Description

417 & 419 S Alvarado St, a double lot multifamily development opportunity located in the highly sought-after Westlake neighborhood of Los Angeles. Located on Alvarado St, between W 3rd St and 6th St and less than a block away from MacArthur Park. A unique opportunity for a developer to acquire 15,000 SF lot zoned C2-1 in an opportunity zone, just one block from the Westlake/MacArthur Park Metro station.417 & 419 S Alvarado St offers an investor a multifamily development opportunity with over 100 feet of frontage on Alvarado St which attracts over 33,000 vehicles per day. An investor could build 38 units by right or utilize the TOC density increase benefits and build up to 65 units, or 69 affordable units. The property currently consists of a vacant lot and a duplex.High Walk Score of 93, 417 & 419 S Alvarado St is located one block from the Metro Red / Purple line making it a walkers paradise with many nearby markets, shops, schools and restaurants. Central location that is beneficial for residents that commute throughout the city with close proximity to Downtown Los Angeles, Koreatown, Echo Park, and Silver Lake, walking distance to retail along S Alvarado St, as well as the St. Vincent Medical Center. Located in an ideal rental market that continues to grow, illustrated through the plentiful new developments currently under construction in the area such as 1800 W Beverly Blvd (243 units), Inspire Echo Park (90 units), and 1999 W 3rd St (137 units). APN's: 5154-031-005, 5154-031-006