The LAAA Team of Marcus & Millichap is pleased to present 1322 Maryland St, located in the Westlake North neighborhood just outside of Downtown Los Angeles.

This property is being offered for sale by the bank that recently foreclosed on this property. The previous owner purchased this land back in May 2019, and he soon after submitted plans to the city to build a 62 unit TOC project in early 2020. We believe that the previous owner lost his source of funds to continue with this development in 2020 due to the COVID Pandemic, which led to the bank foreclosing on the property in March 2022.

This 8,111 square foot lot has excellent zoning of CW and TOC Tier 3. Per a 3rd party's zoning analysis, a developer can build up to 40 units by-right, or up to an impressive 70 units using the TOC bonus. Due to the small size of the lot combined with the very dense zoning allowance, we believe this property would be perfect for an affordable developer who designates some or all of the units to low income housing, however this could still work for any type of developer.

Currently, there is a 4,976 square foot, 4-unit apartment building on the lot which was built in 1922. Three of the four units are occupied and paying rent. In total, the property brings in $3,808 each month in rent, not including any potential rent for the vacant unit. With the 4 unit property currently there, a developer will be able to get attractive residential financing to lower their down payment needed to buy the property and bridge the gap between close of escrow and getting RTI plans approved by the city.