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5609 W Sunset Blvd, Los Angeles, CA 90028
$8,335,857
5609 W Sunset Blvd, Los Angeles, CA 90028View this property at 5609 W Sunset Blvd, Los Angeles, CA 90028
5609 W Sunset BlvdLos AngelesCA90028
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Property Description
The subject property presents an investor or developer with the opportunity to purchase a 9,346 square foot building located on a 30,274 square foot parcel on the corner of famed W. Sunset Blvd and St. Andrews in prime Hollywood, located on the same block as Target, Home Depot, and many restaurants and other retail amenities. The site benefits from a unique mix of credit tenants, including a rare drive-thru Burger King and a 7-11 operated by an experienced franchisee. A buyer can benefit from purchasing the property today and immediately collecting cash flow while simultaneously working on entitlements to build approximately 130 units. This parcel is zoned LAC2 and benefits from being in a Tier III Transit Oriented Community, which gives it a 70% density bonus on top it's by-right potential. Additionally, the property is located in Subarea C of the Vermont Western SNAP, which is the most beneficial Subarea for development of residential, allowing for increased FAR and height. Additional density incentives are available for a 100% Affordable project, allowing up to 137 units with no parking requirement. The submarket is in high demand for new residential development with 1,795 units built between 2016 and 2023, and 2,231 units in the planning pipeline within 0.5 miles. This is a very favorable parcel for development. While there is term left on some of the leases, shortening or terminating leases is likely and can potentially be arranged for the right Buyer. Conversely, leases can likely be extended, and additional income can be added if a Buyer prefers a longer hold.
Full Property Details
Full Property Details for 5609 W Sunset Blvd
General
- Sold For: $8,335,857
- Status: Closed
- Type: Lots/Land
- MLS ID: 23-289065
- Added to Site: 313 day(s) ago
Location
- Area: Hollywood
- County: Los Angeles
- Cross Streets: W. Sunset Blvd. and St. Andrews Place
- Driving Directions: West on Sunset Blvd., North on St. Andrews Place
Lot Features
- Lot Size (Acres): 0.695
- Lot Size: 30274
- Lot Size Source: Vendor Enhanced
- Zoning: LAC2
- Lot Description: Curbs, Street Paved
Disclosures and Reports
- Disclosures/Reports: None
- APN: 5544-028-031
Listed and Sold by Maher Commercial Realty, Oron Maher and Maher Commercial Realty, Jeremy Shore
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Schools
Schools serving 5609 W Sunset Blvd
School District:Los Angeles Unified School District
Rating | Name | Grades | Distance |
---|---|---|---|
1530 N Wilton Pl, Los Angeles, CA 90028 | K-6 | 0.1 mi | |
1316 N Bronson Ave, Los Angeles, CA 90028 | 7-8 | 0.4 mi | |
1309 N Wilton Pl, Hollywood, CA 90028 | 9-12 | 0.2 mi |
Disclaimer: School ratings provided by
GreatSchools. Ratings are on a scale of 1-10.
Learn more about GreatSchools ratings.
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 5609 W Sunset Blvd
Date
Details
Price
Change
Source
3/28/2024
Sold
$8,335,857
-12.21%
MLS
11/01/2023
Price Reduced
$9,495,000
-13.64%
MLS
8/14/2023
Price Reduced
$10,995,000
-8.38%
MLS
7/10/2023
Listed
$12,000,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
5609 W Sunset Blvd, Los Angeles, CA 90028 (MLS# 23-289065) is a Lots/Land property that was sold at $8,335,857 on March 28, 2024. Want to learn more about 5609 W Sunset Blvd? Do you have questions about finding other Lots/Land real estate for sale in Hollywood? You can browse all Hollywood real estate or contact a Coldwell Banker agent to request more information.