Executive Summary

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Highlights

• The Neema Group of Marcus and Millichap is proud to present 417 & 419 S Alvarado St, a double lot multifamily development opportunity located in the highly sought-after Westlake neighborhood of Los Angeles
• Located on Alvarado St, between W 3rd St and 6th St and less than a block away from MacArthur Park. A unique opportunity for a developer to acquire 15,000 SF lot zoned
• C2-1, just one block from the Westlake/MacArthur Park Metro station
• 417 & 419 S Alvarado St offers an investor a multifamily development opportunity with over 100 feet of frontage on Alvarado St, which attracts over 33,000 vehicles per day
• An investor could build 38 units by right or utilize the TOC density increase and build up to 65 units, or 69 affordable units
• The property currently consists of a vacant lot and a duplex
• High Walk Score of 93, 417 & 419 S Alvarado St is located one block from the Metro Red / Purple line making it a walkers paradise with many nearby markets, shops, schools and restaurants
• Central location that is beneficial for residents that commute throughout the city with close proximity to Downtown Los Angeles, Koreatown, Echo Park, and Silver Lake, walking distance to retail along S Alvarado St as well as the St. Vincent Medical Center
• This neighborhood of Westlake is ideally located with a short commute to Downtown, Echo Park, Silver Lake, and Koreatown. The rental market continues to grow, illustrated through the plentiful new developments currently under construction in the area such as 1800 W Beverly Blvd (243 units), Inspire Echo Park (90 units), and 1999 W 3rd St (137 units)

Area Overview

Westlake

Westlake is adjacent to other notable neighborhoods, including Echo Park, Pico Union, Downtown and Koreatown. The neighborhood is extremely dense, with endless streets lined with small businesses. MacArthur Park, designated as the City of Los Angeles Cultural Monument #100, is located in Westlake and is adjacent to the Metro’s Westlake/MacArthur Park Station, which affords access to the Red and Purple lines. Those lines provide public transportation toward Downtown, North Hollywood and toward Koreatown, with West Side extensions projected to be completed in 2027.

Westlake has recently seen a flurry of development and public safety initiatives, from mixed-use projects to new crosswalks. M2A Architects was contracted to construct a mixed-use project at the intersection of Olympic and Hoover that will feature 173 dwelling units, nearly 37,000 square feet of ground-floor commercial space and parking for 262 vehicles. Amidi Group, a San Francisco based developer, is 50% complete with their $180 million 1027 Wilshire development. The project will span nine stories and feature 376 residential units, approximately 5,000 square feet of ground floor retail space, and subterranean parking for more than 800 vehicles.

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