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Koreatown 6 Lots, Tier 3 TOC, 169 Unit Potential

Koreatown 6 Lots, Tier 3 TOC, 169 Unit Potential

APN: Several

$

C2-1, R4-2
Zone/District
169
Max Unit
39,227 sq. ft.
Lot Size
Tier 3
TOC
6
Lots
Existing Conditions
Floor Area 37,724 sq. ft. (combined)
Units 14 (combined)
Year Constructed Several
Assessed Improvement Value $2,610,255 (combined)
Assessed Land Value $4,917,130 (combined)
Development Potential (By-Right)
Maximum FAR 1.5:1 in C2 zone, 6:1 in R4 zone
Maximum Height
Feet

None

Stories

None

Minimum Setbacks
Front

0 ft.

along 8th Street

Side

0 ft.

15 ft. for R4 lots along Mariposa Ave., 5 ft. for R4 lots along abutting properties; add 1 foot of side setback for each story over 2, not to exceed 16 ft.; side setbacks only required for residential uses at lowest story

Back

15 ft.

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

Max Buildable Area, Footprint 33,425 sq. ft.
Max Buildable Area, Envelope 180,579 sq. ft.
Max Dwelling Units 98
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 per 1.5 dwelling unit or guest room
Short Term 1 per 15 dwelling unit or guest room
Transitional Height Limitations Portions of Buildings in C or M zones with certain distances of RW1 or more restrictive zones shall not exceed the following limits: Distance (ft.) Height (ft.) 0-49 25 50-99 33 100-199 61
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 15 ft. building line along Mariposa Ave. per RES-324
Development Potential (with TOC or DB)
Maximum FAR 3.75:1 in C2 zone, 9:1 in R4 zone
Maximum Height
Feet

None

Stories

None

Minimum Setbacks
Front

0 ft.

along 8th Street

Side

0 ft.

15 ft. for R4 lots along Mariposa Ave., 3.5 ft. for R4 lots along abutting properties; add 1 foot of side setback for each story over 2, not to exceed 16 ft.; side setbacks only required for residential uses at lowest story

Back

10.5 ft.

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

Max Buildable Area, Footprint 34,227 sq. ft.
Max Buildable Area, Envelope 289,130 sq. ft.
Max Dwelling Units 169
Affordable Units Required at least 10% Extremely Low Income, or 14% Very Low Income, or 23% Low Income
Parking Required Less than .5 space per unit
Required Bicycle Parking
Long Term 1 per 2 dwelling units or guest rooms
Short Term 1 per 20 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 required open space
Other Development Notes
Jurisdictional
Legal Description Lots 25-30, TR 2140
Land Use Neighborhood Commercial
Area Planning Commission Central
Community Plan Area Wilshire
Neighborhood Council Wilshire Center-Koreatown
Council District 10
Councilmember Herb J. Wesson, Jr.
Restrictions
Rent Stabilization Ordinance Yes
Community Design Overlay No
Historic Preservation Overlay No
Specific Plan No
Q/T Conditions No
D Limitations No
Coastal Zone No
Community Redevelopment Agency Yes
Hillside Area No
Baseline Mansionization Ordinance No
Interim Control Ordinance No
River Improvement Overlay No
Community Plan Implementation Overlay No
Opportunity Zone No
Other
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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