1052 North Martel Avenue

West Hollywood, CA 90046

$1,950,000
Price
6,632 / 0.15
Lot Size / Acres

Description

We are proud to present this REO redevelopment listing in prime West Hollywood, CA. Located at 1052 N Martel, this 0.15 acre lot currently has a vacant duplex on it, and is perfect for the development of luxury condo or small lot homes. With the R3 zoning, a developer can build up to 5 units/condos by right. Furthermore, this property could be perfect for SB 684, which is a new California law enacted in October 2023 that streamlines the approval process for development projects of 10 or fewer units...We are proud to present this REO redevelopment listing in prime West Hollywood, CA. Located at 1052 N Martel, this 0.15 acre lot currently has a vacant duplex on it, and is perfect for the development of luxury condo or small lot homes. With the R3 zoning, a developer can build up to 5 units/condos by right. Furthermore, this property could be perfect for SB 684, which is a new California law enacted in October 2023 that streamlines the approval process for development projects of 10 or fewer units on urban lots under 5 acres. The buyer could also choose to build up to 12 apartment units utilizing AB 1287, the new 2023 California State Density Bonus Law which enables projects to obtain up to 100% density bonus by providing affordable units. For a 12 unit project on this site, at least 15% of the units would need to be set aside for very low income tenants. That means the buyer could build a 12 unit project on this site with 10 market-rate units and 2 very-low-income units. The seller, who's the lender that recently foreclosed on this lot, is willing to give extremely attractive financing to a qualified developer for 2+ years, enough time to bridge the gap from close of escrow to the funding of the construction loan. They're willing to give a high leveraged loan with interest-only payments at rates significantly below market. Give us a call or email to learn more about this seller financing option.
  1. Listed by Filip Niculete • DRE #01905352 • Brokerage DRE #01238010 • Marcus & Millichap
  2. Listed by Glen Scher • DRE #01962976 • Brokerage DRE #01238010 • Marcus & Millichap

Property Details for 1052 North Martel Avenue

Zoning
WDR3C*
Parcel Number
5531021016
Area
West Hollywood Vicinity (C10)
Lot Size Area
6632
Source Lot Size Area
Vendor Enhanced
Present Use
Vacant Duplex
Potential Usage
Build 5 Condos or 5 Small Lots or Built 12 Units w/ Density Bonus
Assessor Parcel Number
5531-021-016
LISTING UPDATED: 09/21/2024 12:01 AM

Property Details for 1052 North Martel Avenue

StatusActive
MLS #24-439613
Days on Market48
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeLand
MLS TypeLand Lot
Year Built-
Lot Size0.15 AC
CountyLos Angeles County

Building Information for 1052 North Martel Avenue

Lot Size0.15 AC

Property Information for 1052 North Martel Avenue

Community / Development
Community / Development
  • Senior Community: No
Structure Info
Structure Info
  • View: No
  • View Description: None
  • View: None
Contract Info
Contract Info
  • Disclosures: None, Lender Owned/REO
  • Listing Type: Exclusive Agency
  • Service Level: Full Service
Land / Lot Info
Land / Lot Info
  • Special Zoning: None
  • Lot Acreage: 0.1522
  • Lot Size Square Feet: 6632
  • Telephone: 1.0
  • Cable: 1.0
Parking Details
Parking Details
  • Total Parking: 0
Exterior Features
Exterior Features
  • New Construction: No
Lease Terms
Lease Terms
  • Entry Date: 09-13-2024

Property History for 1052 North Martel 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 1052 North Martel Avenue

Taxable ValueLand$986,494Additions$406,201Total$1,392,695
Tax Record2024$17,862 ($1,489 / month)
Home Facts
Total Finished SqFt1,768 SqFtAbove Grade Finished SqFt1,768 SqFtLot Size6,630 SqFtStyleDuplexYear Built1923ZoningWDR3C*CountyLOS ANGELESAPN5531-021-016

Schools near 1052 North Martel 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
West Hollywood Opportunity School
Public - 7 to 12
Rating
School
Distance
Laurel Elementary School
PublicK to 8

Fairfax Senior High School
Public9 to 12

Melrose Elementary School
PublicK to 5

West Hollywood Opportunity School
Public7 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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More information about 1052 North Martel Avenue, West Hollywood, CA 90046

1052 North Martel Avenue is a 0.15 ac of land for sale in West Hollywood, CA 90046. This property was listed for sale on September 13, 2024 by Marcus & Millichap, it's currently listed at $1,950,000. It has been on the market for a total of 48 days and was last sold on June 30, 2015. This listing's school district is Los Angeles Unified School District. Nearby schools include Laurel Elementary School, Fairfax Senior High School and Melrose Elementary School. 1052 North Martel Avenue is a 0-bed, 0-bath, 0.15 ac of land on a 6,632 sq. ft. / 0.15 acres lot.

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. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Marcus & Millichap, Filip Niculete, DRE #01905352; Marcus & Millichap, Glen Scher, DRE #01962976

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.