1506 2nd Ave.

1506 2nd Avenue presents a unique and compelling development opportunity in the heart of Arlington Heights, Los Angeles. This 22,500 sq ft corner lot—spanning three contiguous parcels—is zoned RD1.5-1-0-CPIO and allows for 24 units by right. More significantly, it offers increased density potential for 100% affordable housing projects, aligning with LA’s housing goals and providing long-term value and substantial development upside.

While entitlements are pursued, investors can benefit from in-place cash flow generated by the existing 8-unit multifamily property. Built in 1913, the property features 7,619 sq ft of rentable space across eight charming bungalow-style structures, comprising seven 2-bed/1-bath units and one 3-bed/2-bath unit.

Ideally situated in Arlington Heights—a historic, centrally located neighborhood known for its tree-lined streets and architectural charm—the property enjoys proximity to Koreatown, Mid-City, and Downtown LA. Its location offers easy access to major freeways (10, 110, and 101), Metro B and D lines (just a mile away), and neighborhood landmarks such as LACMA and Crypto.com Arena. The area's strong community feel, nearby parks, and transit connectivity make it highly attractive to families and professionals alike.

This large-lot property is particularly well-positioned for developers focused on affordable or shared housing. Under the Affordable Housing Incentive Program (AHIP), 100% affordable projects on transit-adjacent or low-VMT sites like this one can achieve increased density and receive additional building height bonuses. Additionally, AB-682 supports innovative shared housing models by allowing private sleeping quarters with shared kitchens and bathrooms, exempting them from minimum unit size requirements.

With immediate rental income, flexible zoning, and extraordinary entitlement potential, 1506 2nd Ave offers a rare chance to capitalize on a high-demand, infill location in one of LA’s most promising growth corridors.