Broker of Record
Kyle Matthews
License No. 01469842
Phone Number: 310-919-5757
PROPERTY OVERVIEW
- Shovel Ready Development Site
- Seller will Obtain Permits
- Prime West Hollywood Location
- High Demand Condo Market
- Great Floorplans and Architecture
- 9 Condo Units | Built: 2018 | Total Sq Ft: 11,200±
- Price: $3,700,000
- Parcel No: 5554-016-003
PROPERTY DESCRIPTION
The Fountain Lofts is a permit ready approved development site situated at 8210-8220 Fountain Avenue in the city of West Hollywood. The property is situated on an 8,550-square-foot lot which currently contains a partially vacant apartment building. The seller’s approved plans are for nine condominiums in a four-story Type V construction property featuring four-stories of housing over a level of subterranean parking. All units are two-bedrooms with two bathrooms and average 1,246 square feet. There is one penthouse unit as well as another unit with a private rooftop deck that is over 1,000 square feet.
Condominium sales in the city of West Hollywood remain strong with over 50 transactions since January of 2015 for condominiums constructed after 2000. The average sales comparable was 1,599 square feet built in 2010 that sold for $1,417,867 on average which is an average cost per square foot of $882.47. Our assumptions include a premium for new construction as well as for smaller units and we underwrote sales at $1,061,415 per unit on average which reflects $850 per square foot. We estimate the project will take approximately 2 years to complete and sell.
The property will not only be delivered fully entitled and most likely completely vacant but also it will be delivered with almost all soft costs paid in full including architectural, Quimby (parks), Ellis Act (tenant relocation), LAUSD (schools), In-Lieu of Fees (affordable housing), demolition, traffic, water waste, engineering and the general building permit fees. Seller will request that the buyer reimburse them for the majority of these expenses Buyer to independently investigate this matter.