1004 N Serrano Ave & 5217 W Romaine St, Los Angeles, CA for sale

Investment Overview

A rare cleared and fully assembled development site in East Hollywood — where Hollywood, Los Feliz, Silver Lake, and Koreatown converge into one of the city's densest, most walkable, and most transit-rich rental districts. The Seller has already absorbed the slow, capital-intensive early work: assembling two parcels into a single ±12,317 SF pad and completing demolition, abatement, and RSO/Ellis clearance. What remains is a clean canvas positioned to capture the substantial density now available under the City's new Citywide Housing Incentive Program (CHIP). Priced on a per-door basis and surrounded by comparable land trades to $258/SF, the site offers a developer a defensible basis in a submarket where cleared, buildable infill is genuinely scarce.

Investment Highlights

• Cleared, clean & assembled. Two parcels combined into one ±12,317 SF pad, with demolition, abatement, and RSO/Ellis clearance complete — the time-consuming site-prep work is done.
• 40–60 units projected under CHIP. The Seller's architect projects 40–60 units via the MIIP / State Density Bonus FAR-governed pathway — well above the ±12 units under the prior TOC framework.*
• Exceptional connectivity. Walk Score 92, adjacent to the US-101, and minutes from three Metro B Line stations.
• Attractive per-door basis. At $2.9M, the site prices to ± $48K–$73K per projected door — below recent entitled-land trades.*
• Supply-constrained submarket. Durable renter demand and a scarcity of cleared infill sites underpin values across East Hollywood / Silver Lake.