A Hollywood triplex on an R3, TOC Tier 3 lot closed at $1,030,000
6037 Romaine St in Hollywood closed on October 23, 2020 at $1,030,000. That is about $343,300 a unit. When it sold, the lot was zoned R3 in Tier 3 of the city Transit Oriented Communities program, and the buyer bought it for the land.
| Address | 6037 Romaine St, Los Angeles, CA 90038 |
|---|---|
| Units | 3 |
| Building size | 2,008 sq ft |
| Closed at | $1,030,000 |
| Closed on | October 23, 2020 |
What R3 and TOC Tier 3 allow.
R3 is a city multifamily zone that allows about one home for every 800 square feet of lot. TOC Tier 3 adds more density on top of it near major transit when some of the new units are set aside as affordable. A developer prices a lot like this by how many units it can hold. The rents from the triplex barely enter into it.
Closed by Shaya Lowenstein, CA DRE #01942326. The address, size and closing figures are from the closed-sales record on this site and can be checked against the Los Angeles County recorder.
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