The offering at a glance.
Three contiguous C2-1 lots totaling 21,000 SF on Beverly Boulevard in Greater Wilshire — a 121-unit mixed-income development path under the Mixed Income Incentive Program, with no parking required per AB 2097.
Executive
Summary.
A rare 121-unit mixed-income development path on a dynamic commercial corridor — with minimal entitlement risk.
121 mixed-income units plus 16,575 SF of ground-floor commercial inside a 90,675 SF envelope — up to seven stories at a 4.65:1 FAR, fully MIIP-eligible.
Greater Wilshire, centrally located between Hancock Park, Windsor Square, and Larchmont Village — architectural diversity, tree-lined streets, and old Hollywood charm.
$236.90 per land SF and $41,116 per buildable unit — a fraction of the land comp set's $534/SF and $133,302/unit averages.
Six reasons Beverly Boulevard stands apart.
21,000 SF C2-1 Assemblage
Three contiguous lots spanning 150' × 140' on Beverly Boulevard — high-density commercial zoning in one of Los Angeles' most dynamic growth corridors.
121-Unit Mixed-Income Program
Fully eligible under the Mixed Income Incentive Program (MIIP) — 121 residential units achievable with as little as 12% affordable (4% ELI + 8% VLI).
No Parking Required
AB 2097 removes all vehicle parking requirements — no subterranean levels, dramatically lower construction cost, and maximum design flexibility.
90,675 SF Envelope · 7 Stories
4.65:1 maximum FAR supports ~60,499 SF of net residential floor area plus 13,601 SF of common area — up to seven stories, subject to LADBS review.
16,575 SF Ground-Floor Commercial
Street-fronting retail across the full Beverly Boulevard frontage adds a second income stream and activates the corridor.
Minimal Entitlement Risk
A ministerial, incentive-driven path on commercially zoned land — high-density potential without a discretionary rezone or lengthy hearing process.
The
Property.
Three contiguous lots, one development site.
121 units, seven stories, no parking.
11% ELI, 14% VLI, or 23% LI — or a 12% mix of 4% ELI + 8% VLI. Modeled scheme sets aside 15 units (5 ELI / 10 VLI).
No vehicle parking per AB 2097. Long-term bicycle parking per LAMC: 1 per unit up to 25 units, then 1 per 1.5 units to 100, 1 per 2 units above.
100–175 SF per unit based on habitable rooms; outdoor areas meet the 30-point landscape criteria with a 50% outdoor allocation.
21,000 SF · three contiguous C2-1 lots.
Between Hancock Park, Windsor Square, and Larchmont Village.
Comparables.
Eleven high-density land sales across central Los Angeles. The subject's $236.90/SF basis sits at less than half the comp-set average of $534/SF.
| # | Address | Close | Price | Total SF | $ / SF | Units | $ / Unit |
|---|---|---|---|---|---|---|---|
| ★ | 4623-4631 Beverly Blvd · Subject | — | $4,975,000 | 21,000 | $236.90 | 121 | $41,116 |
| 1 | 621 S Catalina St · Los Angeles 90005 | 11/2021 | $14,250,000 | 24,450 | $582.82 | 104 | $137,019 |
| 2 | 1401 N Vermont Ave · Los Angeles 90027 | 02/2022 | $22,500,000 | 45,697 | $492.37 | 206 | $109,223 |
| 3 | 1200 Vine St · Los Angeles 90038 | 12/2021 | $17,000,000 | 41,507 | $409.57 | 166 | $102,409 |
| 4 | 5620 De Longpre Ave · Los Angeles 90028 | 01/2021 | $26,250,000 | 44,274 | $592.90 | 188 | $139,627 |
| 5 | 3377 W Olympic Blvd · Los Angeles 90019 | 09/2021 | $12,250,000 | 34,965 | $350.35 | 89 | $137,640 |
| 6 | 431 N La Cienega Blvd · Los Angeles 90048 | 12/2021 | $20,000,000 | 32,748 | $610.72 | 131 | $152,671 |
| 7 | 1056 S La Cienega Blvd · Los Angeles 90035 | 07/2021 | $48,100,000 | 79,715 | $603.40 | 339 | $141,887 |
| 8 | 8339 W 3rd St · Los Angeles 90048 | 12/2022 | $11,726,000 | 19,313 | $607.16 | 77 | $152,285 |
| 9 | 11460 Gateway Blvd · Los Angeles 90064 | 10/2022 | $19,450,000 | 39,413 | $493.49 | 168 | $115,773 |
| 10 | 11434 W Pico Blvd · Los Angeles 90064 | 11/2021 | $15,000,000 | 21,126 | $710.03 | 90 | $166,666 |
| 11 | 1233 N Highland Ave · Los Angeles 90038 | 02/2021 | $14,000,000 | 33,609 | $416.56 | 126 | $111,111 |
| Comp Averages | $20,047,818 | 37,893 | $534 | $133,302 |
A basis less than half the comp average.
Recently delivered central-LA multifamily has traded at an average of $504.86/SF and $570,734 per unit — the finished-product benchmark for the proposed program.
| # | Property | Close | Price | Total SF | $ / SF | Units | $ / Unit |
|---|---|---|---|---|---|---|---|
| 1 | The LC · 710 N El Centro Ave, LA 90038 | 01/2023 | $46,500,000 | 80,000 | $581.25 | 84 | $553,571 |
| 2 | Angelene Apartments · 915 N La Brea Ave, LA 90038 | 03/2023 | $112,500,000 | 240,702 | $467.38 | 179 | $628,491 |
| 3 | Reno Place · 326 S Reno St, LA 90057 | 07/2021 | $31,500,000 | 70,000 | $450.00 | 65 | $484,615 |
| 4 | Broadstone Candara at Hancock Park · 738 Wilcox Ave, LA | 12/2021 | $60,100,000 | 168,800 | $356.04 | 103 | $583,495 |
| 5 | Bahay · 330 N Westlake Ave, LA 90026 | 06/2022 | $137,750,000 | 201,508 | $683.60 | 200 | $688,750 |
| 6 | 689 S Catalina St · LA 90005 | 06/2023 | $29,614,500 | 60,328 | $490.89 | 61 | $485,483 |
| Comp Averages | $69,660,750 | 136,890 | $504.86 | 115 | $570,734 |
At the comp-set average of $570,734 per finished unit, a delivered 121-unit project implies ~$69M of stabilized asset value against a $4,975,000 land basis.
Five recently built rental communities near the site average $2,965 per month at $4.08/SF — supporting the modeled $4.38/SF blended rent on the subject's smaller average unit.
| # | Property | Year Built | Units | Avg Unit SF | Avg Rent | Rent / SF |
|---|---|---|---|---|---|---|
| ★ | 4623-4631 Beverly Blvd · Subject (modeled scheme, incl. affordable) | 2025 pro forma | 113 | 598 | $2,624 | $4.38 |
| 1 | Ardmore/Melrose · 4660 Melrose Ave, LA 90029 | 2023 | 66 | 666 | $2,763 | $4.15 |
| 2 | Gillis House · 5570 Melrose Ave, LA 90038 | 2022 | 49 | 575 | $2,450 | $4.26 |
| 3 | Rivo at Silver Lake · 636 N Juanita Ave, LA 90004 | 2023 | 33 | 794 | $3,525 | $4.44 |
| 4 | La Vida Melrose · 4864 Melrose Ave, LA 90029 | 2021 | 51 | 1,104 | $3,739 | $3.39 |
| 5 | Broadstone Candara · 738 Wilcox Ave, LA 90038 | 2015 | 103 | 561 | $2,346 | $4.18 |
| Comp Averages | 740 | $2,965 | $4.08 |
Subject figures reflect the modeled 113-unit scheme (within the 121-unit maximum), blending market-rate studios, one- and two-bedroom units with the 15 ELI/VLI affordable set-aside.
Market
Overview.
Urban accessibility with suburban tranquility.
A neighborhood with a rich history, Greater Wilshire is centrally located and encompasses some of Los Angeles' most iconic residential areas, including Hancock Park, Windsor Square, and Larchmont Village. Known for its architectural diversity, tree-lined streets, and old Hollywood charm, the district successfully combines urban accessibility with suburban tranquility.
Beverly Boulevard is one of the corridor's primary east-west arteries — a commercial spine where new mixed-use housing serves the surrounding single-family wealth. The site sits one block west of Western Avenue's retail and transit node.
charm
- · Larchmont Village · boutique retail & dining
- · Hancock Park & Windsor Square estates
- · Wilshire Country Club
- · Western Ave retail & transit corridor
The most populous metro in the nation's largest state.
The entertainment capital of the world and a leading international trade and manufacturing hub, with a sizable aerospace presence across the South Bay.
The Ports of Los Angeles and Long Beach are the two busiest in the nation — 15.6M+ TEU containers annually and $10B+ in U.S. customs revenue.
A homeownership rate well below the national level and ~190,000 new residents expected through 2028 keep structural demand for rental housing deep.
A dense, renter-heavy trade area.
| Metric | 1 Mile | 3 Miles | 5 Miles |
|---|---|---|---|
| Population (2024 Estimate) | 85,435 | 586,101 | 1,098,249 |
| Population (2029 Projection) | 86,112 | 593,814 | 1,113,456 |
| Households (2024 Estimate) | 33,934 | 239,751 | 432,040 |
| Average Household Income | $81,072 | $87,729 | $94,447 |
| Median Household Income | $62,139 | $66,577 | $71,537 |
| Per Capita Income | $34,748 | $40,992 | $44,075 |
Source: Marcus & Millichap Research Services; Experian; U.S. Census Bureau. Population density in the 5-mile trade area runs ~13,981 people per square mile with a median housing value of ~$1,000,000 (2024) — a deep, structurally under-housed renter base.
A top employer anchoring the corridor's daytime economy.
A pioneer of integrated care and coverage for over 75 years, Kaiser Permanente is one of Los Angeles' largest employers — members access 40 hospitals, 616 medical offices, and over 24,000 physicians nationwide.
- 01Integrated Care Pioneer75+ years
- 02Hospitals40
- 03Medical Offices616
- 04Physicians Nationwide24,000+
- 05Clinical Quality RankingsNational leader
- 06Care ModelProactive · preventive
- 07Records & CoordinationConnected EHR
- 08Local PresenceMajor LA employer