Brick+Work

Koreatown R4 Corner Lot, 24 Unit Potential with TOC

Koreatown R4 Corner Lot, 24 Unit Potential with TOC

APN: 5518-006-007

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24
Max Unit
5,945 sq. ft.
Lot Size
Tier 2
TOC
1
Lots
Existing Conditions
Floor Area 3,559 sq. ft.
Units 4
Year Constructed 1911-1942
Assessed Improvement Value $204,152
Assessed Land Value $172,372
Development Potential (By-Right)
Maximum FAR 3:1
Maximum Height
Feet

None

Stories

None

Minimum Setbacks
Front

15 ft.

Side

5 ft.

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

Back

15 ft.

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

Max Buildable Area, Footprint 3,564 sq. ft.
Max Buildable Area, Envelope 10,692 sq. ft.
Max Dwelling Units 14
Affordable Units Required None
Parking Required 1 space per unit with less than 3 habitable rooms 1.5 spaces per unit with 3 habitable rooms 2 spaces per unit with more than 3 habitable rooms 1 space per guest room (first 30)
Required Bicycle Parking
Long Term 1 space per unit for units 0-25; 1 spaces per 1.5 units for units 26-100; 1 spaces per 2 units for units 101-200; 1 spaces per 4 units for units 201+
Short Term 1 space per 10 units for units 0-25; 1 spaces per 15 unit for units 26-100; 1 spaces per 20 units for units 101-200; 1 spaces per 40 unit for units 201+
Transitional Height Limitations None required
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
Development Potential (with TOC or DB)
Maximum FAR 4.35:1
Maximum Height
Feet

None

Stories

None

Minimum Setbacks
Front

15 ft.

Side

5 ft.

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

Back

10.5 ft.

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

Max Buildable Area, Footprint 3,742 sq. ft.
Max Buildable Area, Envelope 15,503 sq. ft.
Max Dwelling Units 24
Affordable Units Required at least 9% for Extremely Low Income, or 12% for Very Low Income, or 21% for Low Income
Parking Required Shall not be required to exceed 1 space per unit
Required Bicycle Parking
Long Term 1 space per unit for units 0-25; 1 spaces per 1.5 units for units 26-100; 1 spaces per 2 units for units 101-200; 1 spaces per 4 units for units 201+
Short Term 1 space per 10 units for units 0-25; 1 spaces per 15 unit for units 26-100; 1 spaces per 20 units for units 101-200; 1 spaces per 40 unit for units 201+
Transitional Height Limitations None required
Required Open Space Up to 25% decrease in required open space
Other Development Notes
Jurisdictional
Legal Description Lot 1, Normandie Heights Tract
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.
Project is within a State of California Opportunity Zone, which could allow for tax incentives for a redevelopment project on this site.
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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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