Brick+Work

Koreatown R5, Tier 4 TOC Property, 191 Unit Potential

Los Angeles

Koreatown R5, Tier 4 TOC Property, 191 Unit Potential

APN: 5503-032-008

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191
Max Unit
21,020 sq. ft.
Lot Size
Tier 4
TOC
1
Lots
Existing Conditions
Floor Area 74,928 sq. ft.
Units 107
Year Constructed 1927
Assessed Improvement Value $3,085,105
Assessed Land Value $1,338,388
Development Potential (By-Right)
Maximum FAR 6:1
Maximum Height
Feet

None

Stories

None

Minimum Setbacks
Front

15 ft.

15 ft. building line per ORD-64205

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 15,600 sq. ft.
Max Buildable Area, Envelope 93,600 sq. ft.
Max Dwelling Units 105
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 9.3:1
Maximum Height
Feet

None

Stories

None

Minimum Setbacks
Front

15 ft.

15 ft. building line per ORD-64205

Side

5 ft./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 side setback for each story over 3, not to exceed 20 ft.

Max Buildable Area, Footprint 16,502 sq. ft.
Max Buildable Area, Envelope 145,080 sq. ft.
Max Dwelling Units 191
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; 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 Lots 10 & 11, Block G, Westminster Place Tract
Land Use Regional Center Commercial
Area Planning Commission Central
Community Plan Area Wilshire
Neighborhood Council Wilshire Center-Koreatown
Council District 10
Councilmember Mark Ridley-Thomas
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. 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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