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$ 2,549,000
Est. payment /mo
Active
816 N Normandie Ave Los Angeles, CA 90029
8,516 Sqft Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 25515145
Lot Size 8,516 Sqft
Acres 0.1955
Property Description
An exceptional affordable housing development opportunity awaits in the heart of Hollywood at 816 N Normandie Ave. This fully entitled and RTI (Ready to Issue) project offers a 40-unit residential development on a prime 8,512 SF lot at the coveted intersection of Normandie & Melrose. Designed under AB 2334 incentives, the six-story Type IA/IIIA building benefits from unlimited density for 100% affordable housing, making it an unparalleled investment opportunity. The project spans 23,520 SF and includes a diverse unit mix of 6 studios, 18 one-bedrooms, 15 two-bedrooms, and 1 three-bedroom unit. Of these, 1 unit is designated for very low income, 31 for low income, 7 for moderate income, and 1 as a market-rate unit. Each unit is designed for maximum affordability and optimized rental income, ranging from 386 to 547 SF, and the project is structured to eliminate parking requirements, further reducing construction costs and increasing long-term affordability. Located in one of Los Angeles' most vibrant and high-demand neighborhoods, this development sits within close proximity to top employment hubs, ensuring a steady stream of demand from professionals seeking affordable housing. The property is also well-connected to public transit, with nearby Metro stations and major bus lines, making commuting convenient. Additionally, outdoor enthusiasts will appreciate being just minutes from Griffith Park and the Hollywood Hills, offering a perfect balance of urban convenience and recreational opportunities. This turnkey development presents a rare and immediate opportunity for developers to bring much-needed affordable housing to one of LA's most sought-after areas. With all approvals in place and RTI status secured, this project is ready to break ground, offering both a socially impactful and financially strategic investment. Don't miss this prime Hollywood development opportunity. Contact us today for more details!.
Location
State CA
County Los Angeles
Area Hollywood
Zoning LAR3-1XL
Exterior
View Y/N Yes
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Building
Sewer In Street
Water Public
Others
Special Listing Condition Standard
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Listed by Keller Williams Beverly Hills
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