Kennedy Wilson Real Estate Sales and Marketing as exclusive agent, is pleased to present two covered land plays on Fairfax Avenue in the city of West Hollywood, CA.
1227 & 1233 N Fairfax Avenue located just north of Santa Monica Blvd is is an opportunity to develop and build up to 38 new apartments or condominiums. 1227 & 1233 N Fairfax is a nearly ½ acre site currently improved with 22 single story garden apartments that currently generates ±$252,000 annual gross rental income. The property will be delivered free and clear of all debt, but subject to existing month to month leases. 1227 & 1233 N Fairfax Avenue boasts a “Walk Score” of 96 out of 100 and is considered a “Walker’s Paradise”. This rare in-fill redevelopment site is proximate to all the best retail shopping, dining and entertainment along Fairfax, Santa Monica Blvd, Sunset Blvd and Melrose Avenue. The vibrant Fairfax submarket is experiencing a renaissance of new development and is easily accessible to neighboring Beverly Hills, Century City, Hollywood and the Mid Wilshire/Miracle Mile office corridors. Unlike other in fill sites offered around town, 1227 & 1233 N Fairfax Avenue provides income during the entitlement pursuit process and most importantly… is NOT subject to the newly imposed City of Los Angeles ULA Transfer Tax.
Offered separately is 1019 N Fairfax located just south of Santa Monica Blvd is a ±6,674 square foot in-fill redevelopment site with the potential to build up to 15 new residential units and may be eligible for additional incentives using a combination of the city’s mixed-use and transit overlay zones. 1019 N Fairfax is currently improved with ±3,038 sq. ft. 2-story office building, surface parking, auxiliary structure at the rear of the lot and a lucrative two-sided billboard. Altogether, the property has in place gross annual income of approximately $88,000 and will be delivered free and clear of all debt, but subject to existing month to month leases. Alternatively, 1019 N. Fairfax is ideally suited for a new owner/user or investor to renovate existing improvements, add space, and negotiate a market rent lease for the billboard.
These covered land plays represent a generational sale of family-owned real estate and is being marketed in parallel.
Listing Agent Information
|Agent Name:||Andy Levant (email)|
|Company:||Kennedy Wilson Real Estate Sales & Marketing|