921-923 Manzanita St, Los Angeles, CA 90029

Silver Lake, Los Angeles: RTI 27-Unit Assisted Living Development Site

KW Commercial and My ALF Consultant are pleased to present a shovel-ready development opportunity at 921-923 Manzanita St. This Silver Lake property comes with fully-approved, Ready-to-Issue (RTI) permits for a 27-unit, five-story Assisted Living Facility (ALF). The development can be expanded to 51+ units by combining this property with the Seller’s adjoining property on Hoover St (27 units from Manzanita property and 24 units from Hoover St property which is currently entitled for multifamily but can be rezoned in 3-4 months). It represents an ideal project for developers, operators, or investors looking to meet the growing demand for luxury senior housing in Los Angeles, made even more attractive by significant in-place income and a seller-managed turnkey construction agreement.

The thoughtful design creates a boutique atmosphere that is both stylish and functional. The approved plans feature 27 oversized resident suites, ranging from 310 to 380 square feet, each with a private bathroom. The generous unit sizes provide the future operator with significant flexibility in determining final occupancy counts, with the potential to offer double occupancy configurations subject to state licensing requirements and the buyer's operational model. To foster an intimate, high-end environment, floors two through five are designed with only six units per floor and include generous community spaces such as a living room, dining area, and kitchen. Approved plans also incorporate an elevator, private patios, ADA-compliant parking, and a landscaped garden courtyard to enhance resident comfort and accessibility.

Positioned on the border of coveted Silver Lake and surrounded by the vibrant communities of East Hollywood and Los Feliz, the location offers unparalleled convenience and long-term value. This prime siting provides future residents with immediate access to premier medical facilities, including Kaiser Permanente Los Angeles Medical Center and Hollywood Presbyterian Medical Center, which are just minutes away.

The offering consists of a 7,313 SF, R-3 zoned lot that includes a well-maintained duplex, which can be delivered vacant or with the tenant in place at closing based on the buyer's preference. If the buyer chooses to keep the tenant, the property generates approximately $96,000 in gross annual income ($72,000 NOI) to help offset carrying costs. This offering is structured as a turnkey development, providing a streamlined path to completion. A comprehensive construction contract, with an estimated $5 million construction budget and a 14-month build timeline, will be fully negotiated and executed by both parties prior to the close of escrow. Post-closing, the seller, a licensed contractor, will then manage and execute the construction of the facility. This structure is also an excellent candidate for SBA 504 financing, allowing a future operator to enter the market with a manageable down payment.