Existing duplex will be delivered vacant at the close of escrow if buyer request. In place income $96,000 annual gross income.
921-923 Manzanita Street presents a fully entitled, Ready-to-Issue (RTI) assisted living development opportunity located in one of Los Angeles' most desirable urban infill neighborhoods. Positioned near the convergence of Silver Lake, Los Feliz, and East Hollywood, the property offers approved plans for a five-story, 27-suite, residential care facility designed to meet the increasing demand for boutique senior housing in a highly accessible and amenity-rich location.
The approximately 7,313-square-foot site is currently improved with an estimated 2,297-square-foot duplex and is zoned R-3. The approved development consists of approximately 13,673 square feet of gross building area with approximately 9,284 square feet of net rentable area. The project has been thoughtfully designed to create a residential environment that prioritizes privacy, accessibility, operational efficiency, and resident comfort while providing operators with an efficient building layout suitable for assisted living operations.
The approved plans include 27 private resident suites, each featuring its own private bathroom. Resident accommodations are organized to create a comfortable and intimate living environment rather than a traditional institutional setting. The first floor includes three resident suites along with staff support space, office area, laundry facilities, elevator access, two stairwells, and accessible parking. Floors two through five each contain six resident suites centered around spacious shared kitchens, dining areas, and community living spaces that encourage resident interaction while supporting efficient daily operations.
Community areas are distributed throughout the building, allowing residents convenient access to dining, recreation, and social gathering spaces on each floor. The floor-by-floor care model provides flexibility for operators while creating smaller residential communities within the overall building. Elevator service, accessible design elements, and thoughtfully planned circulation further enhance functionality for residents, visitors, and staff alike.
The architectural concept emphasizes a modern boutique residential appearance designed to integrate seamlessly within the surrounding neighborhood while providing an attractive environment for future residents. Upper floors are expected to capture expansive city views, further enhancing the overall resident experience.
One of the property's greatest strengths is its central Los Angeles location. Situated just minutes from Sunset Junction, the property enjoys convenient access to the restaurants, cafés, boutique retailers, entertainment venues, grocery stores, and neighborhood services that have made Silver Lake one of Southern California's most sought-after residential communities. The surrounding neighborhoods of Los Feliz and East Hollywood further contribute to the property's appeal through their diverse dining options, cultural attractions, employment centers, and public transportation connections.
The location is particularly well suited for senior housing due to its proximity to several major healthcare institutions. Kaiser Permanente Los Angeles Medical Center, Hollywood Presbyterian Medical Center, and Children's Hospital Los Angeles are all located within approximately three miles of the property, providing convenient access to healthcare services, medical specialists, and potential referral networks. The surrounding area also benefits from excellent connectivity to Downtown Los Angeles, Hollywood, Glendale, and other major employment and residential districts via nearby arterial roadways and public transportation.
The existing duplex currently provides interim income potential while development plans are finalized. According to seller-provided information, the existing improvements generate approximately $96,000 in annual gross income and approximately $72,000 in annual net operating income if retained prior to redevelopment. Depending upon the terms negotiated between buyer and seller, the property may be delivered vacant or with existing tenancy in place, providing flexibility for development scheduling.
Because the project is offered with approved Ready-to-Issue plans, purchasers have the opportunity to significantly reduce entitlement risk and accelerate the development timeline compared to projects requiring discretionary approvals. The seller has indicated a willingness to construct the approved project on behalf of the buyer and has provided preliminary estimates of approximately $5 million in construction costs with an estimated 14-month construction period following commencement. Prospective purchasers should independently verify all construction costs, permits, schedules, development assumptions, and governmental approvals during their due diligence.
The approved building has been carefully planned to maximize operational efficiency while creating a welcoming residential atmosphere. Individual resident suites range from approximately 311 to 380 square feet and are complemented by generously sized shared kitchens, dining areas, community lounges, staff offices, laundry facilities, elevator access, and accessible parking. This combination of private accommodations and shared amenity spaces provides flexibility for future operators while supporting high-quality resident care.
In addition to the approved assisted living program, seller-provided conceptual studies identify potential future opportunities for increased assisted living capacity through revised floor plans or alternative residential uses such as multifamily housing or sober living. Any such alternatives would require independent feasibility analysis together with applicable zoning, licensing, permitting, and governmental approvals. The approved 27-suite assisted living project remains the entitled development program included with the offering.
Silver Lake continues to experience strong demand driven by its central location, established residential character, walkability, affluent demographics, and proximity to major employment and healthcare centers. The neighborhood's combination of residential stability, urban amenities, public transportation access, and limited supply of new senior housing developments creates an attractive long-term environment for operators and investors seeking well-located residential care facilities.
With approved RTI entitlements, an efficient boutique building design, existing interim income, and a premier infill location, 921-923 Manzanita Street represents a unique development opportunity within one of Los Angeles' most dynamic neighborhoods. Additional uses include a 35-studio residential multi-family complex or a sober living facility.
The property is positioned as an exceptional opportunity for a savvy developer in a supply constrained market!
Steven Ito
Coldwell Banker Commercial Realty
