Subject Property
Marcus & Millichap is pleased to present 1306 N Sycamore Ave, Hollywood, CA 90028 — a fully entitled, permit-set-complete 48-unit ED-1 development on an 8,089 SF (0.185-acre) infill lot one block south of Fountain Avenue and two blocks east of La Brea Boulevard. The project is a 6-story, 23,550 SF residential building designed by MVE + Partners with a complete 3/20/26 permit set and the full ED-1 incentive stack approved: FAR up to 6:1, zero parking required (AB 2097), 5'-0" side yard setbacks, and a 45% open space reduction. The unit mix is 47 one-bedroom apartments + one 3-bedroom unit structured under the ED-1 affordability stack — 2 Very Low, 39 Low, 6 Moderate, plus 1 Market-Rate Manager's Unit — positioning the deal for an LIHTC stack or a 100% affordable execution.
Hollywood, CA 90028
0.185 acres
Medium Residential GP
Permit Set 3/20/26
63'-0" (per ED-1)
47 1BR + 1 3BR
FAR 4.52 : 1
5 levels over 1 podium
AB 2097 (4 EV provided)
vs. 2,400 SF required
Investment Highlights
- Permit set complete (3/20/26) — designed by MVE + Partners, structural by Labib Funk + Associates, MEP by ACE MEP Group, landscape by Courtland Studio. Shovel-ready vs. years of entitlement risk.
- Full ED-1 incentive stack approved — FAR 6:1 (vs. 3:1 base), 5' side yard setbacks (vs. 9'), 45% open space reduction, 50% bike parking reductions (long & short term), front-yard fence waiver to 5'.
- 48 units on 8,089 SF — 5.93 units per 1,000 SF lot density, well above the R3-1XL 10.11 base (with density bonus).
- Zero auto parking required per AB 2097 (within ½ mile of major transit). 4 EV-equipped spaces provided.
- Hollywood 90028 location — one block south of Fountain Ave between La Brea Blvd and Highland Ave; walking distance to Hollywood / Highland, the Hollywood Walk of Fame, and the Metro B Line.
- Affordability mix structured — 2 VLI + 39 LI + 6 MI + 1 Manager — LIHTC-ready stack or 100% affordable execution.
- Transit Priority Area with State Enterprise Zone (LA SEZ) and Housing Element Inventory designation.
Project Specifications
Unit Mix — 48 Total Units
| Unit Type | Bedrooms | GSF | NSF | Count |
|---|---|---|---|---|
| A1 | 1 BR / 1 BA | 352 | 307 | 15 |
| A2 | 1 BR / 1 BA | 393 | 344 | 24 |
| A2.1 | 1 BR / 1 BA | 454 | 412 | 4 |
| A3 | 1 BR / 1 BA | 444 | 395 | 4 |
| C1 | 3 BR / 1 BA | 901 | 814 | 1 |
| Total | 48 | |||
Affordability Stack (ED-1)
| Income Level | Units | % of Total |
|---|---|---|
| Very Low Income (VLI) | 2 | 4.2% |
| Low Income (LI) | 39 | 81.3% |
| Moderate Income (MI) | 6 | 12.5% |
| Market-Rate Manager Unit | 1 | 2.1% |
| Total Affordable Units | 47 / 48 (97.9%) | |
ED-1 Off-Menu Incentives Approved
- Approved Side yard setback reduction: 5'-0" north and south side yards in lieu of the 9'-0" otherwise required.
- Approved Open space reduction: 45% reduction (50% applied to base requirement; 2,400 SF after reduction; 2,627 SF provided).
- Approved FAR increase: up to 6.0 : 1 in lieu of base 3.0 : 1 (proposed 4.52 : 1, 23,550 SF GBA).
- Approved Long-term bike parking reduction: 50% (23 spaces required & provided after reduction).
- Approved Short-term bike parking reduction: 50% (2 spaces required & provided after reduction).
- Waiver Front yard fence height: 5'-0" in lieu of 3'-6" otherwise allowed.
- AB 2097 Auto parking: none required (within ½ mile of a major transit stop). 4 EV-equipped spaces provided (1 EVR + 2 EVCS).
Setbacks (Provided per ED-1)
| Direction | Required | Provided |
|---|---|---|
| Front (N. Sycamore Ave) | 16'-6" | 16'-6" |
| Rear (SW) | 15'-0" | 15'-0" |
| Side (NW) | 9'-0" | 5'-0" (ED-1 incentive) |
| Side (SE) | 9'-0" | 5'-0" (ED-1 incentive) |
Design & Consultant Team
- Architect: MVE + Partners — Irvine, CA
- Structural / Civil / Facade: Labib Funk + Associates — Irvine, CA
- MEP / Low Voltage: ACE MEP Group, Inc. — Irvine, CA
- Landscape: Courtland Studio — Sherman Oaks, CA
- Architect of Record: Luis Estrada, AIA — CA Lic. C-33431
- Project Number: 2024-10152
Sold Comparable Land Sales
Recent ED-1 / state-density-bonus development land trades in core LA submarkets. Comps are graded by execution profile (raw site vs. entitled vs. permit-ready) since pricing on a permit-set-complete deal sits materially above raw R3 trades.
| Address | Sale Date | Price | Lot SF | $/Lot SF | Buildable Units | $/Buildable Unit |
|---|---|---|---|---|---|---|
| 1233 S Bedford St, Los Angeles 90035 |
11/21/2025 | $1,750,000 | 6,840 |
$255.85 | 44 |
$39,773 |
| 12461 Louise Ave, Los Angeles 90066 |
6/18/2025 | $4,200,000 | 12,119 |
$346.56 | 60 |
$70,000 |
| 5814 Lexington Ave, Los Angeles 90038 |
11/24/2025 | $4,650,000 | 15,000 |
$310.00 | 97 |
$47,938 |
Land Residual & Stabilized Value Analysis
The pricing recommendation is back-solved from a stabilized finished-value underwriting and a developer-profit land-residual analysis. All inputs below come from the seller's Land Residual Analysis model.
1. Stabilized (Finished) Property Value
| Metric | Current Rents | Market Rents |
|---|---|---|
| Estimated Stabilized Sale Price | $14,000,000 | |
| Number of Units (per permit set) | 48 | |
| Building Size (per permit set) | 23,550 SF | |
| Price / Unit | $291,667 | |
| Price / SF | $594.48 | |
| Year Built (delivery) | 2027 | |
| Scheduled Gross Income | $1,277,664 | $1,319,148 |
| Vacancy Reserve (5%) | ($63,883) | ($65,957) |
| Gross Operating Income | $1,213,781 | $1,253,191 |
| Operating Expenses (~29.6% of EGI) | ($378,127) | ($378,127) |
| Net Operating Income | $835,654 | $875,063 |
| Implied Cap Rate | 5.97% | 6.25% |
| Implied GRM | 10.96 | 10.61 |
2. Stabilized Rent Roll (Per Model)
| Units | Configuration | Avg Unit SF | Current Rent / Unit | Market Rent / Unit | Monthly Income (Market) |
|---|---|---|---|---|---|
| 39 | 1 BR / 1 BA — Low Income | 375 | $2,272 | $2,272 | $88,608 |
| 6 | 1 BR / 1 BA — Moderate Income | 375 | $2,202 | $2,202 | $13,212 |
| 1 | 1 BR / 1 BA — Market Manager Unit | 375 | $2,400 | $2,400 | $2,400 |
| 1 | 1 BR / 1 BA — Very Low Income | 375 | $1,001 | $2,041 | $2,041 |
| 1 | 3 BR / 1 BA — Very Low Income | 901 | $1,251 | $3,668 | $3,668 |
| 48 | Annualized Scheduled Gross Income | $1,319,148 (market) / $1,277,664 (current) | |||
3. Total Development Costs
| Line Item | Amount |
|---|---|
| Gross Square Footage (per permit set) | 23,550 SF |
| Construction Cost / SF | $350.00 |
| Total Cost for Building | $8,242,500 |
| Subterranean Parking | $0 |
| Estimated Soft Costs | $252,000 |
| Total Development Costs | $8,494,500 |
| Total Cost / SF | $360.70 |
| Total Cost / Buildable Unit (48) | $176,969 |
4. Net Profit From Sale
| Line Item | Amount |
|---|---|
| Estimated Sale Price (Stabilized) | $14,000,000 |
| Normal Closing Costs (3.0%) | ($420,000) |
| ULA Transfer Tax (5.5%) | ($770,000) |
| Net Profits From Sale | $12,810,000 |
5. Land Price Ladder (Developer Residual)
| Tier | Land Price | $ / Buildable Unit (48) | $ / Lot SF (8,089) | Total Cost (Land + Dev) |
|---|---|---|---|---|
| Suggested List | $2,000,000 | $41,667 | $247.25 | $10,494,500 |
| — | $1,900,000 | $39,583 | $234.89 | $10,394,500 |
| Estimated Current Value | $1,800,000 | $37,500 | $222.55 | $10,294,500 |
| — | $1,700,000 | $35,417 | $210.21 | $10,194,500 |
| Bottom of Sales Range | $1,600,000 | $33,333 | $197.80 | $10,094,500 |
Pricing Recommendation
The recommended list range was derived from a developer-profit land-residual analysis — back-solving from a stabilized finished value and netting estimated hard costs, soft costs, holding costs, and ULA transfer tax to a defensible residual land value.
Defensible List Range
Strategy: Pricing reflects the unique entitlement profile — a 100%-affordable ED-1 stack with permit set complete eliminates ~18–24 months of soft-cost burn and entitlement risk that a comparable raw R3-1XL Hollywood lot would carry. The land residual model assumes $350/SF construction on 23,550 SF GBA (per permit set), $252K soft costs, $14M finished sale price, and ~$770K ULA transfer tax at exit. Buyer is shovel-ready with a complete consultant team in place.
The LA Apartment Advisors Team
LA Apartment Advisors (LAAA) is a Marcus & Millichap investment sales team specializing in multifamily and land/development transactions across Los Angeles County. With 458+ transactions and over $1.46 billion in closed volume, we help property owners make confident investment decisions — whether buying, selling, or exploring the market.
(Trailing 3 Years)
Glen Scher is a Senior Managing Director at Marcus & Millichap and co-founder of the LAAA Team. A UC Santa Barbara graduate in Economics, Glen launched his career in 2014 and earned Rookie of the Year from the SFV Business Journal by 2016. A former Division I golfer, he captured three collegiate titles and was named UCSB Male Athlete of the Year.
Filip Niculete is a Senior Managing Director at Marcus & Millichap and co-founder of the LAAA Team. Born in Romania and raised in the San Fernando Valley, Filip studied Finance at San Diego State University and began his career at Marcus & Millichap in 2011. Known for execution, integrity, and relentless work ethic, Filip and the LAAA Team consistently lead the market in active inventory across Los Angeles.
Team Members
LAAA Active Development Site Inventory
A snapshot of every development site LAAA currently has on the market — 15 active listings totaling $68.7M and 1,532 buildable units across the LA region. Listing 1306 N Sycamore with LAAA means immediate access to the active developer-buyer pool already engaged across this portfolio.