Description

A Fully Entitled and Ready to Issue Permits (RTI) 39-unit Development Site in the heart of Hollywood

5717 Carlton Way, Hollywood CA 90028

Price: $3,995,000
Building Size: 27,715 SF
Lot Size: 8,750 SF

Stepp Commercial is proud to present Fifty Seven 17, a 39-unit multifamily development site in Hollywood. The property is located at 5717 Carlton Way, Los Angeles, at the epicenter of the entertainment and technology convergence that is redefining the industry and transforming the Hollywood submarket.

The LAR4-2 zoned vacant lot totaling approximately 8,750 square feet will be delivered RTI (Ready to Issue Permits) with a full set of construction drawings, including architectural, structural, mechanical, electrical, plumbing, civil and landscaping, that have been approved through City Planning.

The development is a 7-storey, 39-unit apartment community consisting of five levels of residences over two levels of above-ground parking. The second level is equipped with a gym. The project has a great unit mix of (5) two bedrooms, (29) one-bedrooms and (5) studios, and was designed with the younger, more environmentally conscious tenant in mind.

This Millennial and GenZ demographic now make up over 40% of the Hollywood population and are attracted to its walkable urban environment. Rich in history, Hollywood offers an array of tech, media and entertainment employment centers, nightlife/recreation, restaurants and quality public transportation.

The property also sits within an Opportunity Zone, allowing for the possibility of deferral or removal of capital gains via a qualified opportunity fund.