Executive Summary

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The Neema Group of Marcus and Millichap is proud to present 643 N Rossmore Ave, a vacant lot totaling 6,459 SF zoned R4-2 in a Tier 1 TOC located in a prime location just south of Melrose Ave in the Hancock Park & Larchmont Village neighborhood of Los Angeles. The property can be delivered shovel-ready for a five-story condo project with one level of ground parking and one level of subterranean parking. The plans consist of 10 two-bedroom and two and half bath condos between 1,300-1,404 SF each. All permit fees paid for the 10-unit project and construction can start immediately.

Alternatively, there is multifamily development potential with the ability to build 16 units by-right and 26 units if the TOC incentives are utilized. Ownership also has preliminary plans available for a 25-unit multifamily project.

An ideal location just down the street from Wilshire Country Club, Los Angeles Tennis Club and the Marlborough School. The property is walking distance to numerous retail amenities along N Larchmont Blvd, half a mile from Paramount Studios, and has a high walk score of 93. Additionally, it is located in a submarket with strong demographics with an average household income of $91,486 within a 5-mile radius of and median home value of over $1 MM within two miles. This is an opportunity in a central location with an easy commute throughout Los Angeles to Hollywood, West Hollywood, Beverly Hills, Los Feliz, and La Brea.

Area Overview

HANCOCK PARK

Nestled between Melrose Ave to the north, Wilshire Blvd to the south, La Brea Avenue to the west and Van Ness to the east lays the historic neighborhood of Hancock Park. With sprawling tree-lined rows of imposing historic family homes the suburban strip is a stones-throw away from the buzzing Larchmont Village and Windsor Square.

LARCHMONT VILLAGE
Larchmont Village itself is centered on Larchmont Boulevard between Beverly Boulevard and 3rd Street and its businesses depend heavily on foot traffic; Dawson’s Bookshop celebrated its centennial last year while Chevalier’s Books provides individual recommendations. There are also restaurants, specialty clothing boutiques, coffee shops, a juice store, a video store, bagel shops, spas, an ice cream store, a pet store, a major newsstand, a confectionary that specializes in Belgian chocolates and Landis, a general store that dates back to the 1920s.

One of the area’s allures, for locals and outsiders alike, is the quaint Larchmont Village commercial strip. It’s an urban melting pot with a diverse array of quintessential shops; bookstores, clothes boutiques, eateries, and coffee shops etc

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