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MULTIFAMILY NEWS
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Two Desirable Covered Land Listings in West Hollywood Hit the Market

4/19/23

Here’s the scoop on two covered land play opportunities in the city of West Hollywood. The listings, both on Fairfax Ave, are being marketed by Andrew Levant of Kennedy Wilson Real Estate Sales & Marketing.

1233 N. Fairfax Ave
1233 N. Fairfax Ave
One of the listings is for a nearly half-acre site at 1227 and 1233 N Fairfax Ave, just north of Santa Monica Blvd. The property currently houses 22 single-story, garden-style apartments but offers the opportunity to develop and build up to 38 new apartments or condominiums.

The site boasts a “Walk Score” of 96 out of 100 and is considered a “Walker’s Paradise”. This rare in-fill redevelopment site is proximate to all the best retail shopping, dining and entertainment along Fairfax, Santa Monica Blvd, Sunset Blvd and Melrose Ave, and is easily accessible to the neighboring Beverly Hills, Century City, Hollywood and the Mid-Wilshire/Miracle Mile office corridors.

The property currently generates ±$252k annual gross rental income and will be delivered free and clear of all debt, but subject to existing month-to-month leases. It is not subject to the newly imposed City of Los Angeles ULA Transfer Tax.

The other listing is for 1019 N. Fairfax, located just south of Santa Monica Blvd. It is a 6.7k sf in-fill redevelopment site with the potential to build up to 15 new residential units. It may be eligible for additional incentives using a combination of the city’s mixed-use and transit overlay zones.

1019 N. Fairfax Ave
1019 N. Fairfax Ave
Presently, 1019 N Fairfax is improved with a 3k sf, two-story office building, surface parking, auxiliary structure at the rear of the lot and a lucrative two-sided billboard. Altogether, the property has in-place gross annual income of approximately $88k and will be delivered free and clear of all debt, but subject to existing month-to-month leases. Alternatively, 1019 N. Fairfax is ideally suited for a new owner/user or investor to renovate existing improvements, add space, and negotiate a market rent lease for the billboard.





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