Executive Summary
320 N Vermont Avenue and 321 N Juanita Avenue are two contiguous parcels totaling 20,517 SF, both owned by Hubbard College of Administration. The Vermont parcel (12,999 SF, C2-1) is improved with the College's four-story, 25,100 SF building, built in 1962 and renovated in 2001. The Juanita parcel (7,518 SF, R4-1) is unimproved. The two lots share a 50-foot rear lot line and form an L-shaped through-lot with frontage on both streets.
Both parcels are in Subarea C (Community Center) of the Vermont/Western Station Neighborhood Area Plan, which allows R4 residential and commercial uses on either lot. Eight development pathways apply, from about 51 units by right, to about 110 to 115 units under the City's Mixed Income Incentive Program, and a 100% affordable building of roughly 130 to 180 units. Across Vermont, an affordable developer bought 315 N Vermont in January 2025 at $322 per land SF and has filed a 113-unit, 12-story building. We recommend a list price of $5,000,000 ($243.70 per land SF).
Subject Property
Location
At the station. The Vermont/Beverly B Line station is about 120 feet from the site's southwest corner. Wilshire/Vermont (B and D Lines) is about one mile south, and the 101 Freeway is two blocks north. The block scores 91 for walkability (Walk Score).
An affordable housing corridor. Across Juanita, a 72-unit permanent supportive housing building received its Certificate of Occupancy in October 2026. Across Vermont, Holos Communities has filed a 113-unit affordable building at 315 N Vermont.
TCAC and QCT / DDA Designations
For an affordable or mixed-income buyer using tax credits or tax-exempt bonds, two maps drive how the site scores and how much credit equity it raises: the state's TCAC/HCD Opportunity Map and HUD's Qualified Census Tract and Difficult Development Area lists.
HUD Qualified Census Tract, 2026 and 2027. Census tract 1927 is on HUD's QCT list for both years. A tax-credit project in a QCT can increase its eligible basis by up to 30%, which raises the credit equity the same building can attract, whether it is financed with 9% credits or 4% credits and tax-exempt bonds.
Small Area DDA in 2027. ZIP 90004 is not a Small Area Difficult Development Area for 2026 but is on HUD's 2027 list. The DDA provides the same up to 30% basis boost; it does not stack with the QCT boost, but it gives the site a second qualifying designation for projects that apply while the 2027 lists are in effect.
TCAC/HCD Moderate Resource. The 2026 TCAC/HCD Opportunity Map places the tract in the Moderate Resource category with an opportunity score of 5, and it is not flagged as High-Poverty and Segregated. The site's case for affordable buyers rests on the QCT basis boost, the station location and the ministerial AHIP and ED 1 paths rather than on opportunity-area scoring.
HUD 2027 Small Area Fair Market Rents, ZIP 90004
| Unit Type | Studio | 1 Bedroom | 2 Bedroom | 3 Bedroom |
|---|---|---|---|---|
| ZIP 90004 | $2,320 | $2,590 | $3,190 | $4,050 |
| LA metro area | $2,151 | $2,402 | $2,964 | $3,760 |
Small Area FMRs set the rent ceiling a voucher-assisted unit can reach. ZIP 90004 runs about 8% above the metro-wide figures.
Opportunity Zone: OZ 1.0 and OZ 2.0
The site's census tract (1927) is a designated Qualified Opportunity Zone from the original 2018 round. Federal law made the program permanent in July 2025 (Public Law 119-21, often called OZ 2.0), with new rules and a new map starting January 1, 2027. The two maps overlap through the end of 2028, which gives this site a defined window for Opportunity Zone capital.
An OZ through 2028. The State of California lists tract 1927 among its designated 2018 Opportunity Zones, and those designations remain in effect through December 31, 2028. A buyer with a Qualified Opportunity Fund can acquire and build here while the tract is still a zone.
Not on the OZ 2.0 map. Treasury's list of tracts eligible for the 2027 designations shows tract 1927 as not eligible: its median family income is 74.4% of the area median, above the new 70% cap, and its 16.2% poverty rate is below the 20% alternative test. It is not on California's list of recommended OZ 2.0 tracts.
Ground-up development fits the rules. New construction is "original use" property, and land is excluded from the substantial improvement test. A buyer reusing the existing building would need to roughly double the building's basis within 30 months to qualify it.
The Guidelines, Side by Side
| OZ 1.0 (2018 Designations) | OZ 2.0 (Public Law 119-21) | |
|---|---|---|
| Map in effect | 2018 tracts, through 12/31/2028 | New tracts from 01/01/2027, on a rolling 10-year cycle |
| Tract eligibility | Income up to 80% of area median, or poverty of 20%+; contiguous tracts allowed | Income up to 70% of area median, or poverty of 20%+ with income up to 125%; no contiguous tracts |
| Gain deferral | Until the earlier of sale or 12/31/2026 | Five years from the investment, or earlier sale |
| Basis step-up | 10% at 5 years and 15% at 7 years, no longer reachable for new investments | 10% after five years; 30% in a Qualified Rural Opportunity Fund |
| 10-year benefit | Appreciation excluded from tax after a 10-year hold | Appreciation excluded from tax after a 10-year hold |
| Real estate test | Original use, or substantial improvement (double the building basis within 30 months) | Same; the rural threshold drops to 50% |
| Reporting | Annual fund certification | Expanded annual reporting on property type, residential units, asset value, employment and census tract |
Development Pathways
SNAP Subarea C, the site's Tier 4 transit location and the City's 2025 Citywide Housing Incentive Program (CHIP) give a buyer eight distinct ways to use the site, from a by-right mixed-use building to a 100% affordable tower to keeping the existing building. Unit counts are planning-level estimates on the combined 20,517 SF, to be confirmed by the buyer's architect and land-use counsel.
- R4 density of one unit per 400 SF across both parcels, with ground-floor commercial allowed on Vermont.
- Mixed-use projects get 3.0:1 FAR and 75 feet, plus SNAP's 15% FAR bonus for lot assemblies of 10,000 to 40,000 SF (about 3.45:1).
- No affordable set-aside and no discretionary hearing.
- An 80% density increase, FAR up to about 4.35:1 inside the specific plan, and up to 33 additional feet with step-backs.
- Set-aside of 11% Extremely Low, 15% Very Low or 25% Lower Income units.
- A 65-unit Subarea C Tier 4 filing on 14,006 SF at 1136 N Vermont shows the program in use on this corridor.
- A 50% bonus on the 52-unit base yields about 78 units with 15% Very Low Income units.
- AB 1287 stacks a second bonus for additional Very Low or Moderate units, up to about 104 units.
- Moderate Income units can be for-sale, which opens a condominium exit.
- The T-3 Transit Oriented Incentive Area allows a 120% density increase, 4.5:1 FAR and 33 additional feet of height.
- Set-aside of 13% Extremely Low, 17% Very Low or 27% Lower Income units; the rest are market rate.
- CHIP overrides the SNAP density and FAR limits, and AB 2097 removes required parking. The highest market-rate unit count on the site.
- Density follows the buildable envelope rather than the base zone: about 4.65:1 FAR, roughly 95,000 SF, plus 33 feet.
- Ministerial approval under the City's permanent affordable program.
- QCT status for 2026 and 2027 and the station location support tax-credit and bond financing.
- ZIMAS lists the site as an ED 1 "Eligible Site": 100% affordable projects get ministerial approval on an expedited timeline.
- A similar envelope to AHIP; the 72-unit supportive housing building across Juanita is the neighborhood precedent.
- Suits privately financed affordable and supportive housing sponsors.
- State law allows housing by right on commercially zoned corridor parcels, so it applies to the C2 Vermont parcel only.
- Ministerial approval up to 65 feet, with State Density Bonus stacking available.
- Holos Communities is using AB 2011 for its 113-unit, 100% affordable filing directly across Vermont.
- The site is inside the Citywide Adaptive Reuse Program area, so the 25,100 SF building can convert to housing without demolition.
- New construction on the Juanita parcel and the Vermont parking area can be added through MIIP.
- An owner-user or institutional buyer can also keep the building in its current educational use.
Pathways Side by Side
| Pathway | Units | FAR | Height | Affordable Set-Aside | Approval |
|---|---|---|---|---|---|
| A · SNAP mixed-use | ~51 | 3.45:1 | 75 ft | None | By right |
| B · TOC Tier 4 | ~92-94 | ~4.35:1 | +33 ft | 11% ELI, 15% VLI or 25% LI | Administrative |
| C · State Density Bonus + AB 1287 | ~78-104 | Incentive | Incentive | 15% VLI, plus stacked units | Administrative |
| D · CHIP MIIP | ~110-115 | 4.5:1 | +33 ft | 13% ELI, 17% VLI or 27% LI | Ministerial |
| E · CHIP AHIP | ~130-180 | ~4.65:1 | +33 ft | 100% | Ministerial |
| F · ED 1 | ~130-180 | Envelope | Envelope | 100% | Ministerial, expedited |
| G · AB 2011 / SB 6 (Vermont only) | ~32-48 | State | 65 ft | Varies by project | Ministerial |
| H · Adaptive reuse | ~25-35 + new | Existing | Existing | None for conversion | Administrative |
Land Sales Comparables
Twelve closed development and redevelopment sites within two miles, all recorded between December 2024 and August 2026. The two closest sales, on the subject's own corner, lead the set.
| # | Address | Zoning | Lot SF | Sale Price | $/Land SF | Closed | Dist. |
|---|---|---|---|---|---|---|---|
| S | 320 N Vermont + 321 N Juanita (subject) | C2 / R4 | 20,517 | $5,000,000 | $243.70 | Proposed | |
| A | 311-315 N Juanita + 3755 Beverly | C2 / CM | 24,123 | $7,900,000 | $327.49 | Dec 2024 | Same block |
| B | 315 N Vermont Ave | C2 | 12,420 | $4,000,000 | $322.06 | Jan 2025 | Across Vermont |
| C | 825-837 Hyperion Ave, Silver Lake | R3 | 22,546 | $5,277,000 | $234.05 | Jun 2026 | 0.8 mi |
| D | 308-314 S Harvard Blvd | R3 | 36,684 | $7,000,000 | $190.82 | Apr 2026 | 0.9 mi |
| E | 544 S Mariposa Ave | C2 | 7,500 | $2,025,000 | $270.00 | Mar 2025 | 1.0 mi |
| F | 335 S Rampart Blvd | R4 | 16,262 | $3,300,000 | $202.93 | Aug 2026 | 1.0 mi |
| G | 4705-4709 Elmwood Ave LAAA Team Sale | C2 | 14,499 | $3,050,000 | $210.36 | Nov 2025 | 1.1 mi |
| H | 4718-4726 Oakwood Ave LAAA Team Sale | R3 | 22,253 | $4,700,000 | $211.21 | Mar 2026 | 1.1 mi |
| I | 1141-1155 N Vermont Ave | C2 | 17,533 | $4,950,000 | $282.32 | Aug 2025 | 1.1 mi |
| J | 4623-4631 Beverly Blvd LAAA Team Sale | C2 | 20,999 | $4,975,000 | $236.92 | Jul 2026 | 1.1 mi |
| K | 2007 W Reservoir St, Echo Park | R4 | 19,750 | $3,675,000 | $186.08 | Jan 2026 | 1.7 mi |
| L | 4155 Wilshire Blvd | CR | 22,376 | $4,990,000 | $223.01 | Feb 2025 | 1.9 mi |
| Average (comps A-L) | 19,745 | $4,653,500 | $241.44 |
Lot sizes, recorded prices and closing dates verified against LA County Assessor transfer records, October 2026, except comp C, whose price and date match the recorded grant deed (assessor record not yet posted). $/SF is the recorded price over assessor lot area. Comp A includes a 14,356 SF school building. Comp B was bought by a Holos Communities affiliate, which has filed a 113-unit affordable building under AB 2011 ($35,398 per unit). Comp C closed Ready-to-Issue for 105 affordable units ($50,257 per unit). Comp H closed Ready-to-Issue for a 128-bed assisted living project. Comps G, H and J are LAAA Team sales; comp J was bought unentitled for a mixed-income project. Comp F followed a 2024 trustee sale of the same parcel, and comp K sold below its 2019 price. Median of the set: $228.53 per SF.
Active Land Listings Nearby
| Address | Zoning | Lot SF | Asking | $/Land SF | Notes | Dist. |
|---|---|---|---|---|---|---|
| 4100 Melrose Ave | C2-1 | 15,004 | $3,300,000 | $219.94 | Listed as entitled for 33 units; lender took title 01/2026 | 0.5 mi |
| 311 S Berendo St | C2 | 7,153 | $1,895,000 | $264.92 | MIIP upside per listing | 0.6 mi |
| 1108 Manzanita St | RD2 | 7,688 | $2,250,000 | $292.66 | 54 affordable units, Ready-to-Issue | 1.3 mi |
| 2811 San Marino St | R4 | 8,101 | $1,995,000 | $246.27 | Improved with a 1958 fourplex | 1.5 mi |
Asking prices as advertised, October 2026; status to be confirmed with each listing broker. Lot sizes per LA County Assessor.
Key Takeaways
The corner has already priced above $320 per SF. The two sales on the subject's own corner closed at $327.49 and $322.06 per land SF, about $80 above the two-mile average of $241.44.
Affordable capital is buying here. The sale across Vermont went to an affordable developer now filing 113 units, and a 72-unit supportive housing building just opened across Juanita. QCT status supports the tax-credit math.
Station proximity drives density. At about 120 feet from the B Line, the site sits in the T-3 incentive area, where a mixed-income project roughly doubles the by-right unit count with no required parking.
The building gives a second buyer pool. The 25,100 SF building can convert under the Adaptive Reuse Program or serve an institutional user, which most of the comparables did not offer.
Priced under Measure ULA. At $5,000,000 the sale stays below the City's $5,400,000 ULA threshold, so neither party pays the 4% transfer tax that applies to the full price above it.
Pricing Recommendation
At $243.70 per land SF the list price sits at the two-mile average of $241.44 per SF and well below the two sales on the subject's own corner at $322 to $327 per SF. That leaves room for the cost of removing or converting the existing building and the site's L shape, and gives buyers a clear discount to the corner's recent trades. Measured the way buyers underwrite it, $5,000,000 is about $44,600 per unit on a mixed-income project and about $32,300 per unit on a 100% affordable building, below the $35,398 per unit an affordable sponsor paid across the street.
The price also stays under Measure ULA. Above $5,400,000 the City's transfer tax is 4% of the full price, so an offer between $5,400,001 and $5,625,000 would net the seller less than a $5,400,000 sale. If competition pushes the price up, offers should be countered either to $5,400,000 or above $5,625,000.
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Also Marketed by the LAAA Team
The LAAA Team is currently marketing 8 land and development-site listings across Southern California. Each card links to the full offering at www.laaa.com.
Active laaa.com land listings as of October 16, 2026, excluding properties in escrow.
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