Price / SqFt: $395
DOWNLOAD OFFERING MEMORANDUM
- The Neema Group of Marcus & Millichap is pleased to present a development opportunity located in a prime location of Los Angeles; 646 N Genesee Ave is a 6,207 SF lot just south of Melrose Ave and east of Fairfax Ave, ideally located down the street from Fairfax High School and just four blocks north of The Grove, one of Los Angeles’ premier shopping and entertainment destinations
- The lot is currently vacant land with no tenant relocation required and is zoned RD1.5-1XL-O in a Tier 2 TOC with the ability to build up to five units by right and eight if the TOC benefits are maximized, although an ideal project would include four three-story townhouse units and an ADU
- Unique opportunity in a supply-constrained submarket with few development opportunities available; $395 PSF at the asking price
- The subject property is located within one of the most desirable rental submarkets in Los Angeles that attracts high-end tenants; within three miles, the average household income is $99,339 and median home value of over $1 MM, indicating a large gap between home ownership and renting
- Numerous amenities within the immediate Melrose area with coffee shops such as Blue Bottle, Coffee Commissary, and Starbucks, entertainment and shopping, and restaurants such as Ysabel, Carlitos Steakhouse, Spartina, and Ronan within walking distance; high walk score of 92 with multiple Metro Local Line stops along Melrose Ave and Fairfax Ave
- Ideal central location to easily commute to The Grove, Beverly Center, West Hollywood, Hollywood, Beverly Hills, Hancock Park, and Century City
Nestled between West Hollywood and La Brea, Fairfax is best known for the renowned Farmer’s Market, its major shopping destination (The Grove), and the iconic CBS Television City broadcasting center. To walk along the famous Melrose Avenue is to fully embrace the Los Angeles culture filled with eclectic eateries, upscale boutiques, and chic hotels. The area gets its name from Fairfax Avenue, the epicenter of the neighborhood’s fashion and food scene that also bleeds into Melrose’s buzzing traffic. Its substantial distance from major freeways and prime positioning between West Hollywood and Beverly Grove also makes it a commonly explored part of town
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