This combined property spans a total of 11,244 square feet, making it a substantial investment with significant potential. Situated on North Larchmont Boulevard, the properties are ideally positioned near iconic landmarks such as Paramount Studios, Larchmont Village, and the bustling Hollywood area. This prime location ensures high visibility and accessibility, making it an attractive option for developers and investors alike.
Both lots are zoned C2, which provides considerable flexibility for future development. The C2 zoning designation allows for a variety of commercial uses, making it possible to develop the properties into mixed-use spaces that can accommodate retail, office, or residential units. Alternatively, the lots can be transformed into multifamily residential buildings, capitalizing on the high demand for housing in the area.
One of the standout features of these properties is the potential unit yield under current zoning regulations. By-right, developers can build 28 units on the combined lots. However, with a 30% density bonus, this number increases to 36 units. For those looking to maximize the site’s potential, a 60% density bonus under Tier 2 allows for the development of up to 44 units., further enhancing their development potential. Income restrictions apply to these bonuses, requiring 9% of units to be Extremely Low Income (ELI), 12% to be Very Low Income (VL), or 21% to be Lower Income.
Moreover, the properties at 636-642 N Larchmont Blvd can be sold together or separately, providing additional flexibility for potential buyers. Whether one chooses to purchase both lots for a larger, cohesive development project or opts for a single lot to start a smaller venture, this offering caters to a range of investment strategies. The opportunity to develop in such a vibrant and strategically located area is rare, making 636-642 N Larchmont Blvd a standout option for anyone looking to invest in Los Angeles real estate.
Jake Malloy
NAI Capital
