1020 N N Ardmore Avenue, Los Angeles, California 90029

$2,799,999

Bedrooms

57

Bathrooms

57

Square Feet

25,292 sqft

City

Los Angeles

Status

Active

Welcome to 1020 N ARDMORE AVE, a fully entitled, RTI( Ready to Issue) permits ready to build, 100% Affordable ED1 project featuring 57 units ,including a manager's office that can be converted into a unit, 40-1 bedroom, 17- studios across a Type V, four story, fully stacked designed which features all wood frame floors on almost 9,000 square foot lot plus an alley. This design has a significant savings in construction costs and time maximizing the most units with the much lower construction costs compared to 5 stories and taller projects such as, Type III. Located in one of Los Angeles most vibrant and high demand area, the property located in Hollywood close to Sunset BLVD with a walk score of 87, close to restaurants, coffee shops and shopping centers. Due to its central location, the area is within top employment hubs and is minutes from Larchmont, Silverlake, Hollywood Walk of FAME, Paramount Studios, Melrose Hills and it is a highly desirable and attractive area that has other brand new construction apartments buildings nearby. The property is located in a TOC Tier 3 area, close to the Vermont/Sunset Metro Subway Station, making this very walkable and bike friendly. The stackable design features almost 25,000 square feet of building area with units ranging from approx 300-456 square feet. Each floor has a laundry room, outdoor bicycle area and storage. The property is currently a vacant land ready to start building right away, shovel ready!! The plans have no parking required, so developers don't have to pencil the high costs that come with on-grade parking, increasing additional significant savings to the project's construction costs and affordability, and there is NO SB8 Replacement. A developer can break ground right away and there has been a lot of money invested in the area. Each unit is designed for maximum affordability and optimized rental income. This development presents a rare and immediate opportunity for developers to bring much-needed affordable housing to one of LA's most sought-after areas. BUYER TO VERIFY ALL!