Property Details
Year Built: Development Opportunity
Price / SqFt: $320 per SF of Land
Executive Summary
INVESTMENT HIGHLIGHTS:
- 3648-3652 Empire Drive is a development opportunity located in Los Angeles’ highly desirable Palms rental submarket just south of the 10 between Palms Blvd and Venice Blvd, a location that attracts West LA renters with close proximity to Los Angeles’ finest dining, entertainment, and employment opportunities.
- The subject property features a 10,948 SF lot, zoned R3-1 in a Tier 3 TOC; opportunity for a developer to build 14 units by-right with the potential of 24 units by utilizing the city of Los Angeles’ density bonus*
- The combined site currently features two buildings including a quadraplex and single family residence.
- Easy commute to job and educational opportunities as the subject property is located near Downtown Culver City with easy access to Santa Monica, Venice, Marina Del Ray, and Beverlywood.
- The subject property features a high walk score of 85; walking distance to countless amenities on Venice Blvd in Downtown Culver City including: Trader Joes, Sprouts, and Smart & Final.
- Palms continues to be one of Los Angeles’ fastest growing rental markets with demand for apartments rising year over year.
