110 -116 S Kings Rd, Los Angeles, CA 90048
14K Sq Ft. Double Lot Located in Prime Beverly Grove
LIST PRICE: $4,450,000 PPSF/LAND: $314 CAP RATE: 3.43% GRM: 18.47 PRICE PER SQUARE FOOT: $537
Two Properties Being Sold - 110 S. Kings Rd ( APN:5511-016-003) and 116 S. Kings Rd (APN : 5511-016-004) - Must be Sold Together. The Offering is a unique opportunity to acquire a rare double lot spanning 14,000SF, zoned LA-R3 and eligible for Tier 2 TOIA (Transit Oriented Incentive Area). This prime location is nestled in one of Los Angeles' most sought-after rental markets, Beverly Grove, adjacent to the prestigious neighborhoods of Beverly Hills and West Hollywood. This exceptional offering is ideal for developers looking to leverage a covered land play. With the potential to construct up to 44 units utilizing the CHIP (Citywide Housing Incentive Program), or to pursue an ED1 Section 8 Low Income Housing project eligible for Tier 3 of HACLA, the possibilities are abundant. Currently, the properties feature six townhomes with an attractive unit mix: (2) 3BD/2BA and (4) 2BD/2BA units. Developers can offset carrying costs by earning approximately $19,500 per month while securing permits for redevelopment. Additionally, tenants will benefit from an impressive 90 Walk Score! Conveniently situated off 3rd Street, this location offers easy access to a myriad of upscale dining, shopping, grocery stores, and entertainment options.
Investment Highlights
Rare double-lot assemblage totaling 14,000 SF zoned LA R3 in prime Beverly Grove adjacent to Beverly Hills and West Hollywood
Eligible for Tier 2 TOIA incentives with potential to build up to 44 units through the CHIPS program or pursue an ED1 Section 8 project under Tier 3 HACLA
Ideal covered land play supported by in-place income of approximately $19,500 per month during entitlement
Existing improvements include six townhomes with a desirable mix of two 3BD 2BA units and four 2BD 2BA units
Walk Score of 90 with immediate access to upscale dining shopping grocery and entertainment options along 3rd Street and Beverly Boulevard
Exclusively Listed By:
David Saghian
(310) 401-1559
dsaghian@lyonstahl.com