1614 W. Temple St
Land | 17,059 SqFt
Marketing description
1614 W Temple Street is an opportunity to redevelop much needed housing in an area where multifamily housing prospers. The Temple Street corridor has seen several market rate projects of this size in the past, so this opportunity is far from pioneering. Should a developer choose the affordable housing (ED 1) route, they will benefit from the ability to build significantly more units.
The location of this future redevelopment property is in the ideal multifamily rental market of Echo Park. With proximity to premiere business districts like Hollywood and Downtown Los Angeles and prime amenity driven neighborhoods like Silver Lake and Koreatown, 1614 W Temple St has everything to offer. In its more immediate location, the frontage and positioning on Temple Street provides a plethora of walkable amenities while still being close to the freeway system.
Investment highlights
Advantageous C2-1 zoning for multifamily redevelopment – Combined with Tier 2 TOC and the property could be able to yield ±69 units
Echo Park is a proven multifamily market with justifiable high rents
Echo Park is rich in walkable and drivable amenities
Property is Executive Directive 1 (ED 1) eligible with the potential to build ±125 100% affordable units
Mid-rise construction product will be cheaper to build than high-rise construction
Consistent shortage of affordable housing across Los Angeles will keep demand for this product type high
Property has already been razed and is prepped for development
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