314 -316 Douglas Street

Description

We are pleased to present a 5,714 square foot redevelopment site located at 314-316 Douglas Street in Los Angeles, California. The subject property is situated in a good Eastside location adjacent to Echo Park, east of Glendale Boulevard and south of W Temple Street. This offering is positioned on five (5) subdivided parcels totaling 5,714 square feet (SF) of land with a zoning ordinance of LACW. The subdivided parcels have been optimized to develop five (5) small lot single-family residences, which are fully entitled and ready-to-issue permits. The RTI plans call for five (5) two-bedroom / two and a half-bathroom SFR's each boasting a private den and rooftop decks-- each SFR averaging 1,414 SF. The 20' alleyway will also be improved and utilized as a driveway on each parcel toward the planned two-car garages. Significant work has been put into obtaining clearance given inaccurately mapped abandoned oil wills. LADBS has given clearance due to the engineering, geologist, and well consultant reports on full lot excavation down to native soil with a conclusion that there is no oil/well presence. There is also potential to reconfigure plans and build up to twenty-three units utilizing the property's favorable zoning and the area's TOC incentives. Homeowners will love the opportunity to purchase an ideal contemporary starter home in a highly coveted Eastside location, adjacent to Echo Park. Outdoor recreation at Echo Park Lake is less than half a mile away, along with trendy retail, restaurant, and entertainment amenities. Just down the street residents can enjoy picking up a drink at Laveta Coffee Shop or sitting down for a bite a Clark Street Bakery. Positioned in a good Eastside location adjacent to Echo Park, this offering presents an excellent opportunity for an astute developer to capitalize on a rare five (5) small lot subdivision with true RTI clearance for a highly optimized building.