1052 N Martel Avenue
West Hollywood, CA 90046
- – beds
- – baths
- – sqft
- 6,632 sqft lot
- – on site
We are proud to present this REO redevelopment listing in prime West Hollywood, CA.Located at 1052 N Martel, this 0.15 acre lot currently has a vacant duplex on it, and is perfect for the development of luxury condo or small lot homes. With the R3 zoning, a developer can build up to 5 units/condos by right. Furthermore, this property could be perfect for SB 684, which is a new California law enacted in October 2023 that streamlines the approval process for development projects of 10 or fewer units on urban lots under 5 acres.The buyer could also choose to build up to 12 apartment units utilizing AB 1287, the new 2023 California State Density Bonus Law which enables projects to obtain up to 100% density bonus by providing affordable units. For a 12 unit project on this site, at least 15% of the units would need to be set aside for very low income tenants. That means the buyer could build a 12 unit project on this site with 10 market-rate units and 2 very-low-income units. The seller, who's the lender that recently foreclosed on this lot, is willing to give extremely attractive financing to a qualified developer for 2+ years, enough time to bridge the gap from close of escrow to the funding of the construction loan. They're willing to give a high leveraged loan with interest-only payments at rates significantly below market. Give us a call or email to learn more about this seller financing option.
Last checked:
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Last updated Dec 4, 2024
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MLS# 24439613 —
This property is listed in more than one place. See it here.
The Building
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New Construction:No
Location
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Directions:Martel & Santa Monica
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Latitude:34.09019400
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Longitude:-118.35078900
The Property
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Property Type:Land
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Zoning:WDR3C*
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Lot Size Area:6632.0000
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Lot Size Acres:0.1522
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Lot Size SqFt:6632.00
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View:None
Listing Agent
- Contact info:
- No listing contact info available
The Listing
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Special Listing Conditions:Real Estate Owned
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Parcel Number:5531021016
The Community
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Association:No
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Senior Community:No
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Assessments:No
Walk Score®
Provided by WalkScore® Inc.
Walk Score is the most well-known measure of walkability for any address. It is based on the distance to a variety of nearby services and pedestrian friendliness. Walk Scores range from 0 (Car-Dependent) to 100 (Walker’s Paradise).
Bike Score®
Provided by WalkScore® Inc.
Bike Score evaluates a location's bikeability. It is calculated by measuring bike infrastructure, hills, destinations and road connectivity, and the number of bike commuters. Bike Scores range from 0 (Somewhat Bikeable) to 100 (Biker’s Paradise).
Transit Score®
Provided by WalkScore® Inc.
Transit Score measures a location's access to public transit. It is based on nearby transit routes frequency, type of route (bus, rail, etc.), and distance to the nearest stop on the route. Transit Scores range from 0 (Minimal Transit) to 100 (Rider’s Paradise).
Soundscore™
Provided by HowLoud
Soundscore is an overall score that accounts for traffic, airport activity, and local sources. A Soundscore rating is a number between 50 (very loud) and 100 (very quiet).
Sale history
| Date | Event | Source | Price | % Change |
|---|---|---|---|---|
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11/13/24
Nov 13, 2024
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Pending | CRMLS_CA | $1,950,000 | |
|
9/13/24
Sep 13, 2024
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Listed / Active | CRMLS_CA | $1,950,000 | |
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10/26/18
Oct 26, 2018
|
Listed / Active | DAMLS |
