947 N Genesee Ave, Los Angeles, CA 90046

Property Description

We are pleased to present 944 N Ogden Dr and 947 N Genesee Ave, two contiguous R3B-zoned development parcels totaling approximately 13,000 square feet in the highly desirable city of West Hollywood. Ideally situated near Melrose Avenue and Fairfax Avenue, the properties offer an exceptional opportunity for luxury condominium, townhome, or boutique multifamily development in one of Los Angeles County's most sought-after infill markets. Each parcel encompasses approximately 6,500 square feet and is zoned R3B. The properties are available for purchase individually or together, providing flexibility for developers pursuing smaller residential projects or a larger, combined development. The parcels were previously approved for a combined 10-unit luxury condominium development, establishing a precedent for residential development on the sites. Based on the underlying R3B zoning and historical city entitlement records, the combined properties have a base density of approximately 10 residential units, subject to confirmation by the City of West Hollywood. Developers may have the opportunity to pursue additional density under California's State Density Bonus Law, including AB 1287, which provides supplemental density bonuses for qualifying projects incorporating affordable housing. Depending on project design, affordability commitments, and applicable regulations, the combined properties may support increased residential density beyond the underlying zoning. The properties may also benefit from AB 2097, which generally prohibits minimum parking requirements for qualifying developments located within one-half mile of major transit stops, subject to applicable statutory exceptions and site-specific eligibility. Additionally, developers may explore opportunities under SB 684, which provides a streamlined approval process for qualifying small-scale residential subdivisions. Eligibility will depend on the proposed development, parcel characteristics, and applicable state and local requirements.The properties were previously under construction and subsequently acquired through foreclosure, presenting an opportunity for developers to evaluate the existing improvements and potentially incorporate portions of the completed work into a future development.Attractive seller financing is available to qualified buyers, with flexible structures potentially including interest-only terms, providing an opportunity to reduce upfront capital requirements during the entitlement and development process.