702 Lookout Dr, Los Angeles, CA 90012

Description

We are pleased to present the exclusive offering of Lookout Drive, a rare multifamily development opportunity ideally situated in the highly desirable Echo Park neighborhood of Los Angeles. The property consists of one approximately 9,743-square-foot parcel (APN 5415-015-048), offering investors and developers the opportunity to pursue new residential development in one of Los Angeles' most sought-after and supply-constrained rental markets. The property is zoned [LN1-MU2-5][RG1-FA][CPIO-O] and offers a base 1.5 FAR, with the potential to increase density through applicable Density Bonus incentives. The site allows for the development of up to 9 residential units by right without requiring the allocation of any units to affordable housing, subject to buyer verification and applicable development requirements. This provides an attractive opportunity to develop a boutique multifamily project without an affordable housing allocation at the base 9-unit density. Located just south of Dodger Stadium, the property offers convenient access to Echo Park, Chinatown, Downtown Los Angeles, and the greater Los Angeles area, with nearby employment centers, public transportation, dining, entertainment, and neighborhood retail. The elevated setting also provides expansive views of Downtown Los Angeles and the 110 Freeway corridor, offering the potential to incorporate the surrounding cityscape into a thoughtfully designed residential project. With limited opportunities for new multifamily development in established Los Angeles neighborhoods, Lookout Drive presents a compelling opportunity to capitalize on strong housing demand and the continued desirability of Echo Park. The combination of 9-unit by-right development potential, flexible zoning, elevated views, and a strategic location creates an attractive opportunity for developers seeking to create a distinctive residential project with long-term value potential.