Evanisko Closes Another Deal in Hollywood, CA
Covered Land Play: Three existing rented duplex properties (not delivered vacant). Assume SB8 default replacement factor. CAP on existing net income hovers 3.5%.
20,248 SF of Land: RD2-1XL. 150’ X 135’ site. Affords significant development potential (+/- 100 units) with the use of ED-1 (eligible site). The site is NOT located in the Hollywood RPA (Redevelopment Agency), the SNAP (Vermont Western Specific Plan), and the existing improvements do NOT possess resource codes relating to historic potential.
Transit Oriented: TOC Tier 3 / Approximately an 11-minute walk to Vermont/Santa Monica Metro.
Structured Escrow: The transaction involved a 10-month escrow whereby the Seller would afford authorizations as requested by Buyer to facilitate Buyer’s desired development process.
Evanisko Realty represents the antithesis of the volume-based generalist within the Los Angeles commercial real estate market. Evanisko is a niche transactionialist operating within the urban redevelopment market and is usually retained by property owners who acknowledge that the value created through deal structuring is the most critical and skill intensive task in the cycle of listings which lead to closings.
