Brick+Work

Koreatown R4 Lot, 42 Unit Potential with Tier 4 TOC

Los Angeles

Koreatown R4 Lot, 42 Unit Potential with Tier 4 TOC

APN: 5503021004

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42
Max Unit
9,014 sq. ft.
Lot Size
Tier 4
TOC
1
Lots
Existing Conditions
Floor Area 9,979 sq. ft.
Units 12
Year Constructed 1956
Assessed Improvement Value $416,776
Assessed Land Value $340,992
Development Potential (By-Right)
Maximum FAR 6:1
Maximum Height
Feet

None

Stories

None

Minimum Setbacks
Front

15 ft.

10 ft front setback for key lots

Side

5 ft.

add 1 foot 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 6,000 sq. ft.
Max Buildable Area, Envelope 36,000 sq. ft.
Max Dwelling Units 22
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;
Short Term 1 space per 10 units for units 0-25;
Transitional Height Limitations
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 9.3:1
Maximum Height
Feet

None

Stories

None

Minimum Setbacks
Front

15 ft.

10 ft front setback for key lots

Side

3.25 ft.

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

Back

9.75 ft.

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

Max Buildable Area, Footprint 6,701 sq. ft.
Max Buildable Area, Envelope 62,318 sq. ft.
Max Dwelling Units 42
Affordable Units Required at least 11% for Extremely Low Income, or 15% for Very Low Income, or 25% for Low Income
Parking Required No required parking
Required Bicycle Parking
Long Term 1 space per unit for units 0-25; 1 spaces per 1.5 units for units 26-100;
Short Term 1 space per 10 units for units 0-25; 1 spaces per 15 unit for units 26-100;
Transitional Height Limitations When bordering specific plan, overlay zone, or RW1 or more restrictive zone, within the first 25 ft. of the property line abutting or across the street or alley from the 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 a 25% decrease in required open space.
Other Development Notes
Jurisdictional
Legal Description Lot 70, Kensington Place
Land Use High Medium Residential
Area Planning Commission Central
Community Plan Area Wilshire
Neighborhood Council Wilshire Center-Koreatown
Council District 10
Councilmember Herb J. Wesson, Jr.
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.
Development plans on this property will be subject to review by the Wilshire Center / Koreatown CRA/LA. This could also limit the utilization of TOC incentives.
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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