alexander sachs executive vice president 310.966
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Alexander SachsExecutive Vice President310.966.4380
Brian PetersonExecutive Vice President310.966.4385
Seth BernsteinAssociate310.966.4396
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Echo Park LakeDowntown LA
WESTMAC Commercial Brokerage Company is proud to present 1615 Montana Street.
Available for purchase, this parking lot consists of ±16,588 square feet of land on Montana Street, between Echo Park Avenue and Logan Street. The property is located in the heart of Echo Park, just one street north of Sunset Boulevard and minutes from Echo Park Lake. 1615 Montana Street is perfect for a developer who is looking to build in one of Los Angeles’ hippest eastside neighborhoods.
±16,588 square feet of land on Montana Street between Echo Park Avenue and Logan Street.
INVESTMENT OVERVIEW
HIGHLIGHTS
54
Off Sunset Boulevard in the heart of trendy Echo Park
Development opportunity for apartment building
Walkscore: 90 (A Walker’s Paradise)
±16,588 square feet of vacant land
Tier 3 TOC Designation
Prime Echo Park Location
Walking distance to some of the hippest restaurants and nightlife venues in Los Angeles
Opportunity for new owner to develop in one of Los Angeles’s trendiest neighborhoods
Property is Delivered Vacant
Address1615 Montana Street Los Angeles, CA 90026
APN5419-023-035
Asking PriceCall for Details
Square Footage *Approximately ±16,588 square feet of land
Current UseParking Lot
Zoning*R4-1VL (14,076 SF) [Q] C2-1VL (2,512 SF)
T.O.C.*Tier 3
Walkscore90 (A Walker’s Paradise)
Specific PlanNone
Base Density42 Units
Site Plan ReviewNone
PROPERTY DESCRIPTION
76
*All square footage and zoning taken from public records; buyer to independently verify
SMALL TOWN LIVING, SUBURBAN GRACE, DOWNTOWN PROXIMITY
1615 Montana Street is located in the Echo Park section of Los Angeles, California, just north of Downtown, not far from Silverlake. The largely residential neighborhood is perhaps the closest suburb to Downtown, offering tree-lined living with a Main Street of its own, all the while being in close proximity to thriving, cultural, and job-rich Downtown. Echo Park is walkable, bikable and buss-able. In a time of clogged freeways, the surface-road commute to Downtown takes approximately 10 minutes by car and 20 minutes via the express bus (the bus stop at the corner is less than 4 minutes walking distance from the site).
Echo Park has a character and life of its own. Its lingering counter-culture mixes easily with the newer growth-spurts of gentrification. It attracts a mix of artists, writers, musicians and new-media workaholics. Full-scale building murals and galleries showcase the local artistry. Everybody convenes at cafés, restaurants and Lassens, just across the street. The website Goop recently rated Echo Park high on its “Los Angeles Hipster Guide.” The neighborhood vibrates with an energy that attracts professionals, hipsters, and every variety of well paid Angelenos.
The walk-score is high—90—with banks, restaurants, shops, taco stands, and gyms strung along LA’s legendary Sunset Boulevard. Also in walking distance is Echo Park Lake, which has become a central attraction for visitors and locals alike since undergoing a major rehabilitation; you can paddle a boat from morning to sunset. Originally designed in the 1890’s in a picturesque English style, the park brims with Echo Park’s rich cross section of humanity, everyone picnicking, jogging, speed walking, boating or just noshing lakeside at Beacon’s.
Suburban living in an urban setting, plus history: Echo Park is one of the oldest neighborhoods in Los Angeles, with the charm and architecture to prove it. With a mix of Victorian and craftsman homes, as well as the Atwater bungalows, the architecture is an architectural repository recalling different eras. Location scouts regularly troll the streets for period movies. In the early 1900’s, Echo Park was the mecca of the silent film industry, with many early comedians such as Charlie Chaplin coming to film at Keystone Studios on Glendale Boulevard. The area is also home to iconic venues such as the Dodger Stadium and The Echo & Echoplex. Opened in 1962 and perched above the city, Dodger Stadium draws crowds for baseball and concerts.
“LA City (East Central/Silver Lake, Echo Park & Westlake) PUMA, CA.” Data USA.“Echo Park.” Los Angeles Times, Los Angeles Times.
AREA SUMMARY
98
637Kproperty value
2016 median property value was $637,300,
above both California and nationwide medians
1110
E
W
N S
N
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W E
1312
1514
The property is at the intersection of Rapid Line 4 and Bus Route 704*
ZONING | T.O.C. TIER 3
1514
*Buyer to independently verify
F.A.R. CALCULATIONS*
Land Area 16,588 SF
Base F.A.R. 34,182
T.O.C. Tier 3 53,653
UNIT CALCULATIONS*
Land Area 16,588 SF
Base Density 42
T.O.C. Tier 3 72
10% ELI 8
1615 Montana Street is within the Transit Oriented Communities zoning boundaries, in a Tier 3 zone.
The Transit Oriented Communities Affordable Housing Incentive provides benefits for developers, which can be seen in Chart 1 above. The program provides benefits to developers who construct mixed-income and affordable housing near major transit stops in Los Angeles.
Tier 3(High)
< 750 ft.
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1716
1
23
789
7
45
6
10
11
12
1
2 3
4
5
6
8
91
3
2
1
3
1716
4
Dining
1 Honey Hi2 Dinette3 Blue Bottle Coffee4 Woodcat Coffee Bar5 Sage Bistro + Brewery6 Ostrich Farm7 Taix French8 Tierra Mia Coffee9 Mohawk Bend10 Glowing Juices11 Button Mash12 Tsubaki13 Beacon
Nightlife
1 The Holloway2 Sunset Beer3 Bar Caló4 Gold Room5 The Echo6 Echoplex7 Bar Bandini8 The Semi-Tropic9 El Prado
Retail
1 Momento Mori2 Stories3 Alternate Universe
Other
1 Smart Objects2 Dodger Stadium3 Cookbook Los Angeles4 Subliminal Projects
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W E
2
13
1918
20
FOR SALE | DEVELOPMENT OPPORTUNITY
Alexander SachsExecutive Vice President310.966.4380
Brian PetersonExecutive Vice President310.966.4385
Seth BernsteinAssociate310.966.4396©2019 WESTMAC Commercial Brokerage Company. All Rights Reserved. WESTMAC Commercial Brokerage fully supports the principles of the Equal Opportunity Act. WESTMAC Commercial Brokerage Company and the WESTMAC Commercial Brokerage Company logo
are registered service marks owned by WESTMAC Commercial Brokerage Company and may not be reproduced by any means or in any form whatsoever without written permission. This statement with the information it contains is given with the understanding that all negotiations relating to the purchase, renting, or leasing of the property described above shall be conducted through this office. The above information should not be relied upon, and recipients of this brochure are strongly encouraged and advised to conduct their own comprehensive review and analysis of the Property. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission.
C o n t a c t I n f o r m a t i o n
Alexander SachsExecutive Vice President
DRE# 01332680
Brian PetersonExecutive Vice President
DRE# 01326439
Associate310.966.4396
[email protected]# 01985521
Seth Bernstein
WESTMAC Commercial Brokerage Company1515 South Sepulveda Boulevard Los Angeles, CA 90025310.478.7700 | 310.479.3989 faxwww.westmac.comDRE# 01096973