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    8867 Alcott Street

    Los Angeles (City), CA 90035
    • $3,300,000
    • STATUS: Active
    • ON SITE: 194 days
    • ID#: 21705732
    $3,300,000
    • 0
      BEDS
    • 0.17
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Type:
    Vacant Land / Lots
    County:

    School Ratings & Info

    Description

    We are pleased to present 8867 Alcott Street, a high-profile RTI development opportunity in Pico Robertson, CA, just two blocks outside of the Beverly Hills city border. The RTI plans call for 17-units in a 5-story, above-ground structure over two levels of subterranean parking. This development opportunity is truly unique in that the site was grandfathered into the TOC program as a Tier 3 designation since the application was already in the city's system before the transit rezoning took place in June of 2019. As such, the city will no longer allow this type of building, with this height and density, to be built in this specific area. This will allow a buyer to capitalize on the opportunity to build a sizable structure that will afford tenants unobstructed views for miles, especially since the majority of parcels in this neighborhood are zoned R1 and R2. Currently, the property has a vacant triplex building on it. The tenants were not relocated via the Ellis Act nor were any tenants paid relocation fees, which should translate to smooth sailing for a developer looking to move quickly. All entitlement fees have been paid (including LADWP), which means a builder can pull all the building permits right after the close of escrow and start developing. The project was designed with flexibility in mind. A savvy developer will have multiple exit options since the project is eligible for the TOC condo tract. All that is necessary is for a buyer to file the appropriate paperwork with the city and pay the fees (approx. $30K). The process takes about one year and can be done concurrently with construction. No modifications to the building plans are necessary because it is a grandfathered in Tier 3 TOC project. Keep the project for yourself for the long-term appreciation in a core Westside market, or prepare the units to sell off individually at a premium, the choice is yours.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-26T00:26:17.653. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Zen Ziejewski and Team | Keller Williams Realty. Licensed in the State of California, USA.
    www.homefinderorangecounty.com/homes/115121507
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    8867 Alcott Street Los Angeles (City), CA 90035

    • Price: $3,300,000
    • Status: Active
    • ID#: 21705732
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.17
    Acres
    Neighborhood:
    C09 - Beverlywood Vicinity
    County:
    Los Angeles
    Area:
    C09 - Beverlywood Vicinity
    Property Description
    We are pleased to present 8867 Alcott Street, a high-profile RTI development opportunity in Pico Robertson, CA, just two blocks outside of the Beverly Hills city border. The RTI plans call for 17-units in a 5-story, above-ground structure over two levels of subterranean parking. This development opportunity is truly unique in that the site was grandfathered into the TOC program as a Tier 3 designation since the application was already in the city's system before the transit rezoning took place in June of 2019. As such, the city will no longer allow this type of building, with this height and density, to be built in this specific area. This will allow a buyer to capitalize on the opportunity to build a sizable structure that will afford tenants unobstructed views for miles, especially since the majority of parcels in this neighborhood are zoned R1 and R2. Currently, the property has a vacant triplex building on it. The tenants were not relocated via the Ellis Act nor were any tenants paid relocation fees, which should translate to smooth sailing for a developer looking to move quickly. All entitlement fees have been paid (including LADWP), which means a builder can pull all the building permits right after the close of escrow and start developing. The project was designed with flexibility in mind. A savvy developer will have multiple exit options since the project is eligible for the TOC condo tract. All that is necessary is for a buyer to file the appropriate paperwork with the city and pay the fees (approx. $30K). The process takes about one year and can be done concurrently with construction. No modifications to the building plans are necessary because it is a grandfathered in Tier 3 TOC project. Keep the project for yourself for the long-term appreciation in a core Westside market, or prepare the units to sell off individually at a premium, the choice is yours.
    Exterior Features

    View City Lights View YN Yes

    Property Features

    Additional Parcels YN No Listing Agreement Seller Reserved Listing Service Full Service Senior Community YN No Sewer Other Special Listing Conditions Standard Zoning Lar3

    Listing provided courtesy of Filip Niculete of Marcus & Millichap


    Based on information from California Regional Multiple Listing Service, Inc. as of 2021-09-26T00:26:17.653. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Zen Ziejewski and Team | Keller Williams Realty. Licensed in the State of California, USA.
     
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    Zen Ziejewski and Team | Keller Williams Realty
    27101 Puerta Real #150
    Mission Viejo CA, 92691