14 Unit Shovel Ready Development | Martel Apartments

Los Angeles, CA 90046941 N. Martel Ave.

Property Type: Land
For Sale

Details

  • Price: 3,700,000
  • Cap Rate: N/A
  • GRM: N/A
  • Cost per SF: $242.24
  • Cost per unit: $264,285
  • Year Built: N/A
  • Square Footage: 15,274
  • Lot Size: 6,986
  • Units: 14
  • No. Stories: 4
  • Parking: 13 + 1 Handicap
  • Transaction Type: For Sale
  • Property Type: Land
  • Zoning: LAR3
  • Building Class: N/A
  • APN/Parcel ID: 5531-025-019

Property Description

Lucrum Real Estate Group of KW Commercial is proud to present a rare opportunity to acquire Martel Apartments, a shovel ready multifamily development project with complete building permits and plans by renowned architect, Jack Hollander & Associates, Inc. The project is a meticulously planned and amenitized luxury apartment building located in the prime Melrose District of Los Angeles adjacent to West Hollywood.

The proposed development calls for 14 apartment units in one four-story building totaling 15,274± building square feet, situated on a 6,986± square foot lot zone LAR3, with 13 + 1 handicap secured on-site subterranean parking spaces.

The plans outline a unit mix of (4) singles, (2) one bedroom + 1 bath, (3) one bedroom + 1 bath (designated affordable) and (5) two bedroom + two bath units. Each unit is planned to be equipped with central air and heat, in-unit washer and dryers, balconies, and brand-new appliances (refrigerator, dishwasher & washer/dryer). Unit sizes will range from 345± square feet to 1,255± square feet and all units will be individually metered for both gas and electric.

The building amenities include secured subterranean parking, bicycle storage & parking, storage, laundry room with sinks, formal lobby, elevator, recreation room, backyard / patio community area, and front yard landscaping creating gorgeous curb appeal.

The Martel Apartments development offers a unique opportunity for a developer to immediately begin building a well-positioned property in an A+ location that boasts a historically strong rental market and high barrier to entry.

The Martel Apartments development project is located in the heart of metropolitan Los Angeles in the A+ location commonly known as Melrose District, or simply Melrose, CA. Melrose is a prime location and destination for shopping, dining, and entertainment. Melrose is surrounded by some of the most sought-after locations in Los Angeles including West Hollywood, Beverly Hills, Hollywood and La Brea.

Considered one of the most desirable neighborhoods, The Melrose District offers the best that Los Angeles has to offer, including the hottest restaurants, shopping, and nightlife. Within blocks of The Martel Apartments, you’ll find such world-famous attraction such as the legendary Sunset Strip, the Comedy Store, The Whiskey A Go Go, Troubadour and the Beverly Center just to name a few. With a Walk Score rated 95, “Walker’s Paradise”, this is one of the best locations in Los Angeles.

In addition, Melrose is a central location for working professional throughout Los Angeles. Within minutes of The Martel Apartments, you’ll find key employers such as Quixote Studios, AKA Hotel West Hollywood, NBC Universal, Paramount Studios as well as The Pacific Design Center.

With a diverse population and an average household income of well over $100,000 per year, Melrose District is a top destination to live, work and play! With home prices skyrocketing to well over $2 million dollars for the immediate area, it is expected that the numbers of renters in and around, Melrose should increase and demand will continue to be strong.

 

Property Highlights

  • Shovel Ready Development Site with All Plans & Permits in Place
  • Prime Los Angeles Location and Steps from Santa Monica Blvd. & Sunset Strip
  • Blocks from West Hollywood, Beverly Hills, Hollywood & La Brea
  • Plans Designed by Renowned Architect Jack Hollander & Associates
  • Rated 95 Walk Score, “Walker’s Paradise”. One of the best locations in Los Angeles
  • Historically Strong Rental Market with High Barrier to Entry

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23975 Park Sorrento Suite 110
Calabasas, CA 91302