KW Commercial and My ALF Consultant are pleased to present a shovel-ready assisted living development opportunity located at 921–923 Manzanita St in Silver Lake, Los Angeles, and bordering East Hollywood and Los Feliz. This offering includes fully-approved, Ready-to-Issue (RTI) permits for a 27-unit, five-story Assisted Living Facility (ALF). With oversized units, luxury-level design, and an income-producing duplex on site, this is an ideal opportunity for RCFE operators, healthcare-focused developers, and investors targeting the growing demand for premium senior housing in Los Angeles. Development can be expanded to 51+ Units with purchase of Seller's adjoining property (call for details) at 970 Hoover St, Los Angeles, CA.
The approved plans feature 27 private resident suites, each between 310 and 380 square feet, with private bathrooms. The layout emphasizes comfort, privacy, and boutique care. Each floor (2–5) contains six units, a living room, dining room, kitchen, and shared outdoor patio. The first floor includes three large suites, an office with a private shower, ADA-compliant parking, and building support services such as laundry and elevator access. This thoughtful design reflects a concierge model of care with a residential atmosphere, appealing to high-income, private-pay residents.
The current structure is a well-maintained 2,297 SF duplex producing $96,000/year in gross income ($72,000 NOI), offering immediate cash flow. This allows for holding flexibility or continued income while final financing and project logistics are completed. Of course, the Buyer can use their own contractor if preferred, and pursue construction independently using the fully approved RTI plans.
If a Buyer desires, this development offers a structured approach for ease and speed: a full construction contract with the Seller(estimated at $5M with a 14-month timeline) can be negotiated and signed before the close of escrow. The seller, a licensed California general contractor, can manage construction for the buyer post-closing, delivering a turnkey RCFE asset in one of LA’s most supply-constrained senior housing submarkets. This flexible build-to-suit option dramatically lowers development risk and timeline uncertainty. Of course, the Buyer can use their contractor if preferred, and pursue construction independently using the fully approved RTI plans.
The location is outstanding. Future residents will enjoy proximity to Kaiser Permanente Los Angeles Medical Center, Hollywood Presbyterian Medical Center, and Children’s Hospital Los Angeles — all within three miles. The site is also walkable to parks, restaurants, and community services. In a region with a rapidly aging population and a shortage of modern, well-designed senior care facilities, this project is ideally positioned for long-term success.
From an investment perspective, the project is also eligible for SBA 504 financing. This allows owner-operators to acquire and develop the project with just 15–20% down. Projections based on the current plan suggest a gross income of $3.07M at stabilization and a net operating income of $834K, supporting a $9.26M valuation at a 9% cap rate.
This is a rare offering that combines cash flow, entitlements, build-to-suit simplicity, and strong upside in one of Southern California’s most attractive urban infill markets. All permits are approved and grading sign-off is expected within weeks, making this a truly shovel-ready opportunity for a capable investor or operator.
Christopher Parrino
KW Commercial
