Hollywood Development Site | Creative Leaseback Bridged the Final Gap
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The LAAA Team of Marcus & Millichap is proud to announce the successful closing of 1431 N Vista Street, a Hollywood infill development site directly bordering West Hollywood, for $1,600,000.
The property is a 6,528 square foot R3-1 lot just south of Sunset Boulevard in Los Angeles. We brought it to market as raw, unentitled redevelopment land with a flexible development story: roughly eight units by right, up to 18 units under standard density bonuses, full parking relief under AB 2097, and additional upside for an affordable-housing developer using the city's Executive Directive 1 pathway.
We listed the site at $1,700,000 in October 2025 and marketed the up-to-18-unit, mixed-income scenario because it reached the broadest buyer pool. The buyer who closed is an affordable-housing developer pursuing a denser, roughly 30-unit fully affordable project under ED1. The same site supports very different outcomes depending on the development program, and that difference is what made the buyer profile matter.
Getting from contract to closing took seven months. The buyer's acquisition financing proved difficult in a tight private-lending market, and the deal cycled through three financing sources before it funded. Along the way, the lender added a prior-to-funding condition tied to a rear unit. Rather than let the condition stall the transaction, the seller completed the required work at his own cost, the appraiser re-verified the property, and the appraisal came back at the contract price.
The final hurdle came at closing. The buyer was approximately $50,000 short, and the transaction could have stalled again. We negotiated a creative seller leaseback structure that bridged the final gap, gave the seller short-term occupancy after closing, and allowed the buyer to fund and close.
The LAAA Team of Marcus & Millichap is proud to announce the successful closing of 1431 N Vista Street, a Hollywood infill development site directly bordering West Hollywood, for $1,600,000.
The property is a 6,528 square foot R3-1 lot just south of Sunset Boulevard in Los Angeles. We brought it to market as raw, unentitled redevelopment land with a flexible development story: roughly eight units by right, up to 18 units under standard density bonuses, full parking relief under AB 2097, and additional upside for an affordable-housing developer using the city's Executive Directive 1 pathway.
We listed the site at $1,700,000 in October 2025 and marketed the up-to-18-unit, mixed-income scenario because it reached the broadest buyer pool. The buyer who closed is an affordable-housing developer pursuing a denser, roughly 30-unit fully affordable project under ED1. The same site supports very different outcomes depending on the development program, and that difference is what made the buyer profile matter.
Getting from contract to closing took seven months. The buyer's acquisition financing proved difficult in a tight private-lending market, and the deal cycled through three financing sources before it funded. Along the way, the lender added a prior-to-funding condition tied to a rear unit. Rather than let the condition stall the transaction, the seller completed the required work at his own cost, the appraiser re-verified the property, and the appraisal came back at the contract price.
