443 N Virgil Ave Los Angeles, CA 90004

This 15,016 square foot double-lot residential redevelopment opportunity is located at 443-449 N Virgil Avenue in Los Angeles, California, in a desirable East Hollywood location, north of Beverly Boulevard and east of N Vermont Avenue. The property, originally two separate single-family residences on concurrent parcels, is zoned R3-1, offering numerous project options. A developer could add square footage and an Accessory Dwelling Unit (ADU) on each lot. The zoning allows for nine units by-right on each lot, suitable for a townhouse-style redevelopment. Utilizing MIIP under CHIP, the recently up-zoned land can take advantage of T-2 TOIC to add 110% density, potentially allowing up to twenty-one units per lot. A completed project would benefit from its location in a submarket with strong absorption across the LA metro, situated on a major commercial corridor near Virgil Village, Silver Lake, Echo Park, Hollywood, and Koreatown. Residents will appreciate the proximity to amenities on Virgil Avenue, Beverly Boulevard, and throughout the Eastside. Young professionals will find the location convenient to the freeway, Downtown LA, and Hollywood. This offering presents a rare opportunity to develop up to forty-two units under CHIP on two concurrent parcels in a rapidly developing submarket with strong absorption and rent growth.