1301 N Alexandria Ave, Los Angeles, CA 90027

Description

We are pleased to present 1301 N Alexandria Avenue, a 51-unit workforce housing development opportunity in East Hollywood. The site sits on a 7,067 square foot corner lot at Alexandria and Fountain Avenues, just south of Sunset Boulevard and moments from Los Feliz and Silver Lake. The property is currently demolished and will be delivered ready-to-issue (RTI), allowing a buyer to break ground immediately. The approved plans call for a highly efficient five-story, 62-foot building constructed entirely of Type III-A wood-frame construction, with no podium and no parking structure. The fully sprinklered R-2 building totals approximately 19,530 square feet and delivers 48 one-bedroom units, two two-bedroom units, and one studio, complemented by a 2,075 square foot rooftop common deck and private balconies on select units. The project is designed for working professionals: nurses, technicians, administrative staff, and service workers who want to live near their jobs at rents they can sustain. Efficient one-bedroom floor plans match this renter base, and eliminating on-site parking allows the building to devote its entire footprint to housing. The site is less than one mile from Kaiser Permanente Los Angeles Medical Center on Sunset Boulevard, the flagship of Kaiser's Southern California system and one of the largest employment centers in Los Angeles. The campus employs more than 7,100 staff and 974 physicians, operates approximately 560 hospital beds, and runs one of the largest cardiac surgery programs in the western United States. Together with Children's Hospital Los Angeles and Hollywood Presbyterian along the same corridor, the area generates deep, steady demand from healthcare workers seeking housing within walking distance or a short commute. Renters can walk to work, ride the Metro B Line, or rely on the dense network of neighborhood retail along Sunset and Vermont. Updated affordable rent schedules effective July 1, 2026 set maximum allowable rents well above the surrounding submarket for efficient one-bedroom units. This allows units to lease at today's market rents from day one, with meaningful room for rent growth before reaching covenant limits. For buyers seeking additional yield, voucher participation offers further upside. HACLA payment standards are set by bedroom count and continue to support voucher holders moving into well-located neighborhoods near major employment centers.