4718-4726 Oakwood Ave - 3-Lot Assemblage Greater-Wilshire | Zoned R3 0.52 Acres of Residential Land Offered at $6,887,755 CAD in Los Angeles, CA 90004

We are excited to present to you this once in a generation opportunity to acquire and redevelop a 3-lot assemblage spanning 0.52 acres of land (22,253 square feet) zoned LAR3. In the highly sought-after Greater-Wilshire neighborhood, the sites are located at 4718, 4720 & 4726 Oakwood Ave, Los Angeles, CA 90004. These lots have been under the same family’s ownership for more than 50 years, signifying the rare opportunity available to developers. The current structures are vacant and have been vacant for more than 2 years, and none of the current structures are rent-controlled apartment units, meaning there will be no housing replacement requirements due to the structures that will be demolished.

Additionally, due to the central location and the impressive 97 walk score, the sites are given Tier 3 status of the Transit Oriented Communities (TOC) incentive program, further increasing the development potential. Developers can build up to 48 units with a building envelope of 83,359 square feet on the site. Using the TOC incentives to achieve this unit count and building envelope comes with a requirement of at least 10% of the units being set aside for low-income families. That equates to a minimum of 5 affordable housing units when building the maximum 48 units, leaving 43 market-rate units without any rent control limitations.