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504 GLENROCK & 505 LANDFAIR AVE $12,995,000

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    504 GLENROCK & 505 LANDFAIR AVE LOS ANGELES, CA 90024

    • 0.41 Acres
    • Land
    • MLS# 22-171939
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    Views: 6 Days On Site: 51

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    Property Details

    We are pleased to present 504 Glenrock & 505 Landfair Avenue, a prime development site located in one of the most desirable zip codes in the country: 90024. Located in Westwood and steps to UCLA, the site is zoned R4 and falls within Tier 2 of the local TOC (Transit Oriented Community) program. This special designation allows a developer many options when designing the project. By right, the zoning allows for 22 units, a 45-foot height limit, and a building envelope of 53,055 square feet. If a developer wants to build a luxury condo project in an affluent neighborhood where some comps are trading for over $1,500/SF, this may be the best option. Alternatively, if a developer wants to utilize the TOC density bonus and maximize the unit count, they can build up to 37 units, go up to 56 feet in height, and have a building envelope of 76,930 square feet. If the architect and developer are willing to get a little creative, they might even be able to squeeze in a few more units by designing for ADU conversion post certificate of occupancy. If you believe the highest and best use of the land is to build a project that caters to the student population at one of the most well-regarded universities in the country, this may be the best option.The development site is conveniently located between three beautiful, trendy, and affluent neighborhoods: Brentwood, Century City, and Beverly Hills. Popular local points of interest include the world-renowned Rodeo Drive, the sprawling new Century City Mall, Sawtelle's Japantown, and Westwood Village. Key local employers include entertainment giants 21st Century Fox, Sony Pictures, Culver City Studios, and Fox Studios. While roughly 20,000 jobs are in the motion-picture industry, ancillary businesses tied to entertainment are a major source of employment in the area.If you are looking for a prime development site located in a core market with tremendous future potential, look no further. When completed, the subject property will offer its residents access to world-class shopping, dining, and entertainment, all within a short drive. With continued regional home price appreciation, the offering presents an immediate opportunity to capitalize on the strong market demand for new residential product.

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    Neighborhood

    90024 (LOS ANGELES) Demographics

    23 Median Age
    17,732 Population Density (per sq. mile)
    76% College Educated
    $63,344 Estimated Median Income
    5,549 Estimated Total Home Owners
    11,543 Estimated Total Renters
    32% / 68% Estimated Owner / Renter Divide
    2 Estimated Average Household Size
    52,069 Total Population
    Community data courtesy of LiveBy, Inc.

    Market Last 30 Days In This Postal Code

    $950,000 Median Sales Price
    33 Homes Sold
    85 New On Market

    Average Days on Site

      Properties for Sale

        Calculations provided by Reliance Network

        Property History

        Date Event Price Percent Change
        -- Current Price Source: Multiple Listing Service New Value: $12,995,000
        8/2/2022 1:53:38 PM Status Changed Source: Multiple Listing Service New Value: Pending
        6/23/2022 7:43:00 PM New in Database Source: Multiple Listing Service New Value: $12,995,000

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        ** Assumes 3.5% APR, 20% down payment, and conventional 30-year fixed rate first mortgage. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. You should not make any decisions based simply on the information provided. Additional required amounts such as taxes, insurance, homeowner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Contact your mortgage company for current rates and additional information.


        Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability. This is not intended to solicit property currently listed.