A double lot near the heart of Echo Park is asking $2.85 million, according to the listing on LoopNet, via Eastsider LA. The price is high for the single family house and small apartment building that sit on the property, but of course it's not just the buildings that are for sale; there's also the land and its high-density zoning, which will allow someone to build a whole bunch of units. Tellingly, the listing doesn't include a single picture of the interior of the buildings. Instead, it boasts that the property is an "incredible double-lot redevelopment opportunity" located in "one of the hottest submarkets in Los Angeles."
The lot is about 13,000 square feet and zoned for commercial use, so the future developer could decide to go the mixed-use route, with apartments/condos and retail. The parcel's price is undoubtedly due to its "prime location just east of Echo Park Avenue and west of Dodger Stadium." The listing doesn't mention the benefits of the popular Little Joy bar directly across the street, nor the amazing mermaid mosaic that adorns the nearby gas station.
This property also sits adjacent to the Sunset Five apartment complex, which back in 2009 hit the market as half-million-dollar condos. They were converted to apartments when they didn't sell, with rents running from $2,300 to $3,100 back then. ELA says anything built on this property up for sale would be the first housing to arrive on Sunset Boulevard in central Echo Park since the Sunset Five and, given the price and size of the lot, anything that ends up here likely won't be cheap either. Echo Park can look forward to a handful of new apartments in the coming years, with the big project further down Sunset and another across the highway.
· A chunk of Echo Park now going for $2.85 million [Eastsider LA]
· Prime Echo Park Dev Opportunity - Bid Date 2/12/15 [Loopnet]