2966 Kelton Ave


2966 Kelton Ave, Los Angeles, CA 90064

  • RTI Development for 18 Units
  • Great Palms Location 
  • Corner Lot with Alley Behind
  • 1 Mile from Google Campus
  • Very Walkable | 80 Walkscore

Property Description

The LAAA Team of Marcus & Millichap is pleased to present 2966 Kelton Ave (aka 10879 National Blvd), a high-profile RTI development opportunity ideally situated in Palms, one of the most desirable rental pockets in the city. The proposed project resides on a corner lot measuring 6,662 total square feet and has been approved for the construction of 18 apartment units across six stories. The proposed project offers a very attractive unit mix of studios, one-bedroom, and two-bedroom units, making it an ideal place of living for tenants of various backgrounds and makeups.

The site is also ideal because it’s a corner lot with alley access, and it is designed with only one level of subterranean parking to save on construction costs. The automated parking lift system allows for 9 parking spaces, and since the property is located in a residential pocket, there is plenty of additional street parking. The units on floors 2-5 are almost identical and stacked on top of each other. The design of the 2-bedroom units gives flexibility for the units to be split into two and create Co-Living style units to maximize rental income even more. The 6th floor has one 1-bedroom unit that will have some of the best views in town and command premium rent. The original design was for a 400 square feet recreation room on the 6th floor, but with the new ADU program, it will be converted into a studio, which will also command great rent.

The property is less than 1 mile from the new Google Campus located at the Westside Pavilion. Google, which was announced as the sole tenant of the One Westside Campus in January 2019, has agreed to lease the property for 14 years upon completion. The project will soon be completed, and Google will occupy nearly 600,000 square feet of office, creating a great demand for luxury housing nearby to fill the thousands of new jobs being created by one of the best and highest paying companies in the world.

Key Property Information

Listing Status
$ 3,600,000
No. of Units
Lot Size
6,662 Sq ft
Zoning Code
No. of Parking Spots
Buildable Sq Ft
Opportunity Zone
Price per unit
$ 200,000

Financial Details

Gross Income
$ 708,336
Effective Gross Income
$ 687,086
Net Operating Income
$ 457,752
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