Brick+Work

33 Unit Potential in Koreatown

33 Unit Potential in Koreatown

APN:

$ 2.2M

33
Max Unit
7,499 sq. ft.
Lot Size
Tier 3
TOC
1
Lots
Existing Conditions
Floor Area 6,711 sq. ft.
Units 8
Year Constructed 1923
Assessed Improvement Value $598,230
Assessed Land Value $1,388,934
Development Potential (By-Right)
Maximum FAR 3:1
Maximum Height
Feet

None

Stories

None

Buildings used entirely for residential uses (and ground floor commercial in RAS zones) are only limited in height, not stories.

Minimum Setbacks
Front

15 ft.

10 ft. front setback for key lots

Side

5 ft.

add 1 ft. of side setback for each story over 2, not to exceed 16 ft.

Back

15 ft.

add 1 ft. of back setback for each story over 3, not to exceed 20 ft.

Max Buildable Area, Footprint 4,800 sq. ft.
Max Buildable Area, Envelope 14,400 sq. ft.
Max Dwelling Units 18
Affordable Units Required None
Parking Required 1 space per unit with less than 3 habitable rooms 1.5 spaces per unit with 3 or more habitable rooms .25 spaces per unit for guest parking (Per Specific Plan guidelines)
Required Bicycle Parking
Long Term 1 per dwelling unit or guest room
Short Term 1 per 10 dwelling unit or guest room
Transitional Height Limitations The maximum height of any Project shall not exceed a height that is within 15 feet of the height of the shortest existing building on any adjacent lot. (Per Specific Plan guidelines)
Required Open Space 100 sq ft per unit with less than 3 habitable rooms 125 sq ft per unit with 3 habitable rooms 175 sq ft per unit with more than 3 habitable rooms
Other Development Notes -Minimum 200 sq. ft. per guest room
Development Potential (with TOC or DB)
Maximum FAR 4.5:1
Maximum Height
Feet

None

Projects located in a zone where the maximum height is 45 ft. or less, or located within a Specific Plan that limits height, height increases over 11 ft. must be stepped-back at least 15 ft. from the exterior face of the ground floor building located at any street frontage.

Stories

None

Minimum Setbacks
Front

15 ft.

10 ft. front setback for key lots

Side

3.5 ft.

add 1 ft. of side setback for each story over 2, not to exceed 16 ft.

Back

10.5 ft.

add 1 ft. of back setback for each story over 3, not to exceed 20 ft.

Max Buildable Area, Footprint 5,354 sq. ft.
Max Buildable Area, Envelope 24,091 sq. ft.
Max Dwelling Units 33
Affordable Units Required at least 10% for Extremely Low Income residents, or 14% for Very Low Income residents, or 23% for Low Income Residents
Parking Required less than .5 spaces per unit
Required Bicycle Parking
Long Term 1 per dwelling unit or guest room
Short Term 1 per 10 dwelling units or guest rooms
Transitional Height Limitations When bordering specific plan, overlay zone, or RW1 or more restrictive zone, the building height limit shall be stepped-back at a 45 degree angle as measured from a horizontal plane originating 25 ft. above grade at the property line of the adjoining lot.
Required Open Space Up to 25% decrease in open space required by-right.
Other Development Notes -Minimum 200 sq. ft. per guest room
Jurisdictional
Legal Description Lot 101, TR 3247
Land Use High Medium Residential
Area Planning Commission Central
Community Plan Area Wilshire
Neighborhood Council Wilshire Center-Koreatown
Council District 13
Councilmember Mitch O'Farrell
Red Flags
Properties subject to the Rent Stabilization Ordinance (RSO) must replace existing affordable units at a rate of 1 to 1 or 20% of new proposed units, whichever is greater.
Property is subject to the requirements of the Vermont/Western TOD Specific Plan, which could limit the development potential of the site.
Development Plans on this property will be subject to review by the East Hollywood/Beverley Normandie Earthquake Disaster Assistance Project. This could also limit the utilization of TOC incentives.
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Particulars By-Right TOC or DB
Total Buildable
Net Buildable
Average Construction Cost
Total Construction Budget
Total Soft Costs
Total Development Budget
Gross Annual Rents
Expenses (25%)
NOI
Valuation
Equity After Completion
Equity Multiple
IRR

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