14
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$6,900,000
Est. payment /mo
0.55 Acres Lot
Price Dropped by $1.0M
5338 Smiley Dr Los Angeles, CA 90016
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Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 25513931
Lot Size 0.551 Acres
Acres 0.55
Property Description
Just Reduced by $1,000,000. Exceptional opportunity to acquire a fully entitled, Ready-to-Issue (RTI) Small Lot Development site in the heart of West Adams, approved for 16 single-family homes across approximately 24,000 SF on five standard lots. Plans call for large, ~2,500 SF architecturally designed homes featuring rooftop decks and modern elevations. The project offers a major head start, with RTI delivery allowing for immediate construction start, and the DWP Tract design process already underway, enabling the buyer to install underground power improvements before vertical construction beginsan advantage that typically saves 912+ months and helps avoid costly Certificate of Occupancy delays later in development. Distinct from traditional multifamily projects, this opportunity combines the efficiency and scale of multifamily construction with the flexibility and upside of individual for-sale homesa smart strategy in today's economic and political climate where rental markets face headwinds. Located within a designated Opportunity Zone, the project allows long-term investors to capture significant tax benefits, while benefiting from the ongoing growth and revitalization of West Adams, one of Los Angeles' fastest-emerging creative corridors. Surrounded by popular neighborhood amenities such as Mizlala, MIAN, Farmhouse Kitchen, Tartine, Whole Foods, and the just opened Maydan Market. Moments away from the La Cienega/Jefferson Expo Line station, the site is ideal for transit-oriented, market-rate development, with neighboring homes selling in the mid 1M's. The property carries no low-income housing requirements, offering maximum flexibility for both short- and long-term exit strategies. Includes these three additional parcels: 5043-016-002, 5043-016-003, and 5043-016-005.
Location
State CA
County Los Angeles
Area Mid Los Angeles
Zoning LARD1.5
Exterior
View Y/N No
View None
Building
Sewer In Street
Water District
Schools
School District Los Angeles Unified
Others
Special Listing Condition Standard
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Listed by Sotheby's International Realty
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