2749 James M Wood Blvd, Los Angeles, CA 90006

$1,100,000
CLOSED
ACTIVE
$1,100,000
CLOSED
ACTIVE

Property Highlights

Year Built:
1907
Units:
1
Price / Unit:
$1,100,000
Price / SqFt:
$438.60
Property Type:
Multifamily
Building SqFt:
2,508
Request
Offering MemorandumRequest Information
Get Financing

Property Details

Property Overview

‍

2749 James M Wood Blvd is a prime development site positioned in the Westlake/Koreatown fringe, just minutes from Downtown Los Angeles. This flat, rectangular 6,746 SF lot is zoned R4-1 and currently improved with a 5-bed, 4-bath single-family residence subject to RSO, generating $3,953 per month in income. Located in a Transit-Rich Tier 3 zone with excellent walkability, this infill site is ED1-eligible, offering by-right ministerial approval within 60 days for a fully affordable or mixed-income project. Developers can also leverage the new CHIP program, unlocking substantial density and design flexibility without discretionary review.

‍

This opportunity is ideal for builders seeking to deliver much-needed housing in one of LA’s most supply-constrained, high-demand neighborhoods—all while benefiting from favorable legislation, fast entitlements, and strong long-term fundamentals.

‍

Key Property Details

‍

  • ‍Location: 2749 James M Wood Blvd, Los Angeles, CA 90006
  • ‍Lot Size: 6,746 SF (50’ × 135’)
  • ‍Zoning: R4-1
  • ‍Existing Improvements: 5 bed / 4 bath SFR | 2,508 SF | RSO
  • ‍Parking: Detached 2-car garage + surface spaces
  • ‍Transit: Tier 3; 0.3 mi to Metro Rapid 720 & 754 | 0.6 mi to B-Line (Wilshire/Normandie)
  • ‍Walk Score: 95 ("Walker’s Paradise")
  • ‍Bike Score: 92

‍

Investment Highlights

‍

  • ED1 Fast-Track Eligible: Qualifies for 60-day ministerial approval—no public hearings or CEQA required
  • CHIP Advantage: New state incentives allow for unlimited density and reduced parking in exchange for affordable housing
  • Transit-Oriented Infill Site: Tier 3 designation near major rapid bus and Metro lines
  • Undervalued Pricing: $148/SF—approx. 29% below recent land sales in the area
  • Zoning Flexibility: R4-1 allows a range of multifamily development configurations with by-right entitlements
  • Strong Submarket Fundamentals: 6.2% YoY rent growth (CoStar Q1 2025) with major pipeline activity and low affordability

    • ‍

    Neighborhood and Accessibility

    ‍

    Situated on the edge of Koreatown and Westlake, 2749 James M Wood Blvd benefits from excellent connectivity, dense urban surroundings, and proximity to major employers including Wilshire Center, St. Vincent Medical, and Loyola Law School. The area’s diverse population, rapid transit access, and cultural vibrancy make it one of LA’s most compelling submarkets for new housing.

    ‍

    Market Trends and Financial Potential

    ‍

    • Current Income: $3,953/month ($47,434 annually)
    • ‍Pro Forma (Affordable Scenario): $648,000 NOI | 6.48% yield at $1.1M land price
    • ‍Pro Forma (Mixed-Income Scenario): $561,000 NOI | 6.61% yield
    • ‍Exit Cap Potential: ~5.75% → ~$11.8M stabilized value (32-unit indicative model)
    • ‍Land Comp Support: $1.53M–$1.65M | Avg. $208/SF

    ‍

    For more information and to schedule a viewing, please contact:

    ‍

    Taylor Avakian

    Founder, The Group CRE

    First Vice President, Lyon Stahl