10939 Ohio Ave
Los Angeles, ca
The LA Apartment Advisors have been selected to exclusively market for sale 10939 Ohio Avenue, a rare trophy development opportunity in one of the most coveted rental markets of the Los Angeles MSA - Westwood. The approximately 7,265 SF redevelopment site is zoned [Q]R4-1L and falls under TOC Tier 3 eligibility, allowing for a savvy developer to build 18 units by right and up to 33 units with the density bonus. The asset is currently comprised of
an 8-unit apartment building built in 1948, which allows a buyer to cash flow while they go through the entitlement process.
Located on the Westside of Los Angeles, Westwood is one of the most sought out places to live in. Nearby neighborhoods include Holmby Hills, Wilshire Corridor, Bel Air, Brentwood, Beverly Hills, West Hollywood, & Santa Monica. The property is considered a Walker’s Paradise with a Walk Score of 92/100 (meaning all errands can be done without a car) and is conveniently located right by the 405 Fwy.
The development site is just minutes away from the Century City Mall, Westside Pavilion, Westwood Village, and Beverly Hills where you can shop at high-end designer stores, eat at upscale restaurants, or go out and experience the nightlife. In the last several years, many young professionals and students have moved to this neighborhood because of its vibrant, unique community and for the reason that it is conveniently close to everything on the Westside.
Within 3 miles of the property is a population of just over 261,950 and an average household income of $121,866 (estimate per CoStar for 2019). Major nearby employers include the UCLA Medical Center and Fox Studios. Furthermore, Google, an American multinational technology company, is also becoming a major employer in the area which would create a jump up by 30% in rents in a few short years.