***$745,000 PRICE REDUCTION*** We are pleased to present 943 Hancock Ave, a 21-unit development opportunity located in West Hollywood. 943 Hancock Ave is situated on 11,756 square feet of land zoned WDR4. The drawings call for an excellent unit mix of (6) 1 Bed / 1 Bath, (14) 2 Bed / 2 Bath, and (1) 3 Bed / 3 Bath units.The project calls for (1) three-bedroom / three-bathroom unit with the size of 2,379 square feet, (14) two-bedroom / two-bathroom units averaging 1,382 square feet with the potential to add a den to each of them, and (6) one-bedroom / one-bathroom units, averaging 912 square feet for the market rate units and 656 square feet for the three low-income units. The project will be five stories over two levels of subterranean parking, 41 total parking spaces, and a spacious rooftop.This project is one of the last development sites in West Hollywood to feature only 20% affordable components because the plans were submitted before a new resolution was adopted. As of October 17, 2022, the City Council adopted Resolution No. 22-5564 which required the demolition of protected units to be replaced with deed-restricted lower income affordable units that would not result in more than 35% of the total units in the project being deed-restricted. Additionally, this property is not subject to Measure ULA because it is not governed by the City of Los Angeles, which saves the buyer a 5.5% transfer tax if/when the finished new construction building is sold.943 Hancock Ave is ideally located in prime West Hollywood, steps away from both Sunset Blvd and Santa Monica Blvd, in a pocket called Norma Triangle. The Norma Triangle is walkable and upscale neighborhood with cafes and restaurants, shopping, nightclubs, parks, and bars in close proximity.
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Listing Agent: Filip Niculete
Listing Office: Marcus & Millichap