Los Angeles, CA 90046
The Hayworth Development Site is a permit-ready opportunity to build 10 luxury apartment units. The site is situated on a corner lot of 8,172 square feet, zoned R3-1, at the border of the city of West Hollywood. The property is also adjacent to an elementary school. The current owner has ready-to-issue plans to construct 10 luxury apartments, all three-bedroom / two-bath units, averaging 1,422 square feet. The property will be delivered permit ready and the existing building will be vacant for a new owner with ready to issue plans. We anticipate that the apartments would sell for upwards of $940,000 per unit, which is close to 4.25% cap rate. We estimate construction of approximately two years to complete with construction cost of around $250 per square foot. The property has excellent frontage with 132 feet on Willoughby and 62 feet on Hayworth.
Brent Sprenkle with Berkadia
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