7118 Willoughby Avenue

7118 Willoughby Avenue

Los Angeles, CA 90046

$3,250,000
Last Sold Price
20,201 / 0.46
Lot Size / Acres

Sold 12/6/22

Sold 12/6/22

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Description

We are pleased to present a 20,201 square foot (SF) redevelopment site located on the southeast corner of Willoughby Avenue and North Detroit Street in Los Angeles, California. This triple lot offering is situated in a prime West Hollywood adjacent location. West Hollywood, affectionately known as WeHo, is a city of less than four square miles completely surrounded by the cities of Los Angeles, Hollywood, and Beverly Hills. Famous locations associated with Hollywood include the historic Hollywood...We are pleased to present a 20,201 square foot (SF) redevelopment site located on the southeast corner of Willoughby Avenue and North Detroit Street in Los Angeles, California. This triple lot offering is situated in a prime West Hollywood adjacent location. West Hollywood, affectionately known as WeHo, is a city of less than four square miles completely surrounded by the cities of Los Angeles, Hollywood, and Beverly Hills. Famous locations associated with Hollywood include the historic Hollywood Walk of Fame, iconic Sunset strip, trendy Melrose Avenue, and the newly developed chic Sycamore Avenue. Fabulous restaurants, shopping, clubs, and entertainment are conveniently located within walking distance or short drive. The West Hollywood submarket is dominated by renters, with renter occupied units representing over 80% of the area's housing and owner occupied representing nearly 20% of the area's housing market. The average rent amount for a one-bedroom apartment in West Hollywood is nearing $2,300 per month. Recently, HBO and HBO Max signed a multi-year lease agreement with CIM Group for 161,000 square feet of soundstages and office space at The Lot Studios at Formosa, an entertainment production hub in West Hollywood located just a quarter mile away from the subject property. Developer A. J. Khair plans to build seven and nine story buildings at the corner of Harper Street. The Harper on Sunset proposal includes a 172-room hotel and 46 mixed-income apartments above ground floor retail. The development site is 8240 Sunset Boulevard on West Hollywood's northeast city limits. If approved and built, Harper on Sunset would be a few blocks from AECOM Capital and Combined Properties' recently opened Pendry West Hollywood Hotel. West Hollywood continues to position itself as a highly desirable, eclectic submarket that features some of the most notable dining and entertainment venues in Los Angeles. Accompanied by strong appreciating real estate values, the West Hollywood area is poised for continued strong rental demand. The subject property is situated along a major transportation corridor, La Brea Avenue, with stops at the Hollywood/Vine Station, the Hawthorne/Lennox Station, West Hollywood, Downtown LA, and the Avalon Station at Melrose Avenue and Main Street. The subject property consists of three (3) separate lots: a six (6) unit corner lot apartment building with one (1) vacant unit and two (2) single family residences which will be delivered vacant. These parcels total 20,201 square feet (SF) of land, plus and additional 1,125 SF in abutting alleyway, with a zoning ordinance of [Q]LAR3-1XL where the [Q] condition is a dwelling unit minimum size ordinance of 1,200 SF. This allows for seventeen (17) units by-right and a FAR of 3:1 by-right. Additionally, this offering is granted Tier 2 TOC bonus incentives which allows for a 60% density bonus and a 45% FAR bonus. The density bonus allows for the development of twelve (12) additional units, totaling twenty-nine (29) potential buildable units. The FAR bonus increases the FAR to 4.35:1. Current income will stay in place while buyer goes through the entitlement process. Tenants will enjoy being right across the street from new retail developments such as Sprouts Market, and just down the street from the West Hollywood Gateway Mall. Multiple adjacent new developments demonstrate the strength of this prime neighborhood that has Los Angeles zoning and benefits from West Hollywood's Location. Positioned in a prime West Hollywood adjacent location, this offering presents an excellent opportunity for an astute investor to capitalize on a unique luxury development opportunity with three (3) concurrent lots.
  1. Listed by Jason Tuvia • DRE #01772495 • Brokerage DRE #01240999 • Marcus & Millichap

Property Details for 7118 Willoughby Avenue

Zoning
[Q]LAR3-1XL
Cross Streets
Melrose Ave & N La Brea Ave
Parcel Number
5525004012
Area
West Hollywood Vicinity (C10)
Lot Size Area
20201
Source Lot Size Area
Assessor
Present Use
One (1) 6-Unit Apartment Building and Two (2) Single Family Residences
Potential Usage
Twenty-Nine (29) Unit Luxury Multi-Family Redevelopment

Location

Listing Courtesy of Marcus & Millichap, Jason Tuvia, DRE #01772495

Sold By Marcus & Millichap, Jason Tuvia, DRE #01772495

Add your commute
LISTING UPDATED: 12/06/2022 03:40 PM

Property Details for 7118 Willoughby Avenue

StatusSold
MLS #22-117817
Days on Market71
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeLand
MLS TypeLand Lot
Year Built-
Lot Size0.46 AC
CountyLos Angeles County

Location

Listing Courtesy of Marcus & Millichap, Jason Tuvia, DRE #01772495

Sold By Marcus & Millichap, Jason Tuvia, DRE #01772495

Add your commute

Building Information for 7118 Willoughby Avenue

Lot Size0.46 AC

Payment Calculator

$19,344 per month

30 year fixed, 7.25% Interest

Principal and Interest

$17,737

Property Taxes

$1,607

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 7118 Willoughby Avenue

Community / Development
Community / Development
  • Senior Community: No
Structure Info
Structure Info
  • View: Yes
  • View Description: City
  • View: City Lights
Contract Info
Contract Info
  • Probate: No
  • Financing: Submit
  • Disclosures: As Is
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Land / Lot Info
Land / Lot Info
  • Land Lease Type: Fee
  • Land Lease: No
  • Special Zoning: Other
  • Additional Parcel Number: Yes
  • Lot Acreage: 0.46
  • Lot Size Square Feet: 20201
  • Lot Features: Value In Land, Rectangular Lot
  • Lot Description: 2-4 Lots, Value In Land, Tear Down On Lot, Lot Shape-Rectangular, Alley Paved
  • Lot Location: City
  • Telephone: 1.0
  • Cable: 1.0
  • Land Value: $6,000,000.00
  • Units Per Acre: Over 40 Units/Acre
  • Usable Land Percent: 100.00%
  • Site Decription: City
  • Topography: Flat
Parking Details
Parking Details
  • Total Parking: 0
Exterior Features
Exterior Features
  • New Construction: No
Lease Terms
Lease Terms
  • Entry Date: 01-11-2022

Property History for 7118 Willoughby Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 7118 Willoughby Avenue

Taxable ValueLand$1,300,000Additions$226,130Total$1,526,130
Tax Record2023$19,280 ($1,607 / month)
Home Facts
Total Finished SqFt4,161 SqFtAbove Grade Finished SqFt4,161 SqFtLot Size6,747 SqFtStyleMulti-Family Res (5+ Units)Year Built1948ZoningLAR3CountyLOS ANGELESAPN5525-004-012

Schools near 7118 Willoughby Avenue

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Laurel Elementary School
Public - K to 8
Fairfax Senior High School
Public - 9 to 12
Melrose Elementary School
Public - K to 5
Whitman Continuation School
Public - 9 to 12
Rating
School
Distance
Laurel Elementary School
PublicK to 8

Fairfax Senior High School
Public9 to 12

Melrose Elementary School
PublicK to 5

Whitman Continuation School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Marcus & Millichap, Jason Tuvia, DRE #01772495

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.