Good development opportunities are hard to come by and when they do, there is plenty of leg work to be done before construction can begin. 1223 Larrabee Street in West Hollywood is a little different.

Currently a nice Spanish 3 bed, 2 bath house with a 7000 sq feet lot sits at 1223 Larrabbe Street in West Hollywood, north of Sunset Boulevard.  I was intrigued by the location of the property and its low asking price of $925,000.  However, there is more to this property than just a charming Spanish home north of Sunset.  A golden opportunity is about to unfold.

Condos/lofts development opportunities may take up to a year to acquire city approval and the expenses can be in the thousands of dollars. 1223 Larrabee Street comes loaded with all the necessary documents and permits for a high-end condo/loft project.

• The property is approved for a high-end luxury 7 unit condo/loft project with city and hillside view.
• A mix of 2 bedrooms and 1 bedrooms plans.
• Entitlement and approval with all disclosures and reports are also available.
  

This development opportunity becomes an easily manageable task not to mention the profit margin. With a budget of $1,800,000 for construction cost, an average future sale price of $1,000,000 per unit and financing provided, this becomes a golden opportunity and West Hollywood lands another trophy building.

Larrabbe is one of the few streets in West Hollywood that is West of La Cienega and dead ends at N. of Sunset Blvd. This makes the  location for this future project more of an exclusive hide away only a  few seconds from the famous  Sunset Strip .

Is this something you find of value to you, the city of West Hollywood or to the new condo market? I ask all developers and investors to look at this development opportunity and please share your thoughts and comments below.