The offering at a glance.
A 39-unit, Ready-to-Issue development on two contiguous Echo Park parcels — entitled through the California State Density Bonus, drawn to complete construction documents, and underwritten on two independent exits: build-to-rent or for-sale condominium.
Executive
Summary.
A Ready-to-Issue, 39-unit density-bonus project in one of LA's most supply-constrained submarkets — with two ways to win.
State Density Bonus approved and the project drawn to Ready-to-Issue. A buyer skips discretionary entitlement and 18–24 months of pre-development carry.
Build-to-rent for a stabilized ±$21.4M asset, or condominium-map and sell out near ±$27.7M gross. One approved building, two business plans.
$875/SF for-sale exit nets a ±$2.68M residual after a 12% developer profit — supporting a $3.0M land basis below the ULA threshold.
Six reasons 2126–2136 Branden trades.
Entitlement Risk Already Retired
The State Density Bonus case is approved and the project is Ready-to-Issue. A buyer skips discretionary entitlement — the longest, least certain phase of LA development.
2.05× Density Upside, Locked
The bonus lifts the site from a by-right 19 units to 39 approved units, with FAR and height incentives secured — density that cannot be replicated on a raw R3 lot.
Two Independent Exits
Build-to-rent for a stabilized ±$21.4M asset, or condominium sellout near ±$27.7M gross. A buyer chooses the business plan that fits their capital.
Proven, Bankable Rents
Six newer-construction buildings within blocks — Zag, Encore, Inspire, OnSunset, Echo 55 and 1915 Park — have leased up at strong rents, de-risking the underwriting with real evidence.
For-Sale Product That Fits the Market
Finished units of ±610–1,195 SF map directly into Echo Park's active $650K–$1.05M condominium band — an absorbable price point, not an aspirational one.
Interim Income in Place
An existing 6-unit RSO building generates holding income through pre-construction and financing — a rare carry offset on a Ready-to-Issue development site.
The
Property.
An approved building, ready to permit.
A finished entitlement — ready to issue, not raw land.
California State Density Bonus (LAMC 12.22.A.37) — density, FAR & height incentives, secured by a very-low-income set-aside covenant.
Complete public-works / construction documents (Molai Land & Design) — architectural, structural, civil & unit schedules.
51 subterranean stalls drawn; none required under AB 2097 — a buyer can value-engineer the garage down or out.
Eastside demand, structurally constrained supply.
The site sits in the Glendale Boulevard corridor of Echo Park — minutes from Echo Park Lake, the Sunset Boulevard retail and dining spine, Dodger Stadium, and the 2 Freeway and 101 connections into Downtown LA. Echo Park has spent a decade as one of the city's most sought-after creative-class neighborhoods, drawing a deep, durable pool of tenants and buyers.
Supply is tight by design: small lots, hillside topography, and rent-stabilized older stock keep new deliveries scarce. As of mid-2026 the Echo Park median home price sits near $1.30–$1.35M, with for-sale condos and townhomes trading in an approximate $650,000–$1,050,000 band — the range the subject's finished units are built to hit.
the Lake
- · Inspire · 355 Glendale Blvd (2024)
- · OnSunset · 2225 W Sunset Blvd (2025)
- · 1915 Park · Echo 55 · Zag · Encore
- · The Cliffs Echo Park · 1 block away
Two Ways
to Win.
Two paths to value from one approved building.
Stabilized Apartment Asset
Build, lease, and hold a 39-unit Class-A building. Stabilized value at a 5.25% cap on ±$1.13M NOI — supported by proven newer-construction Echo Park rents, and a fully financeable, cost-covering fallback.
Condominium Sellout
Condominium-map the 39 units and sell individually. Gross sellout at ±$875/SF against current Echo Park condo pricing — the stronger value rail and the basis for the recommended land price.
A stabilized ±$21.4M institutional asset.
The build-and-rent rail produces a stabilized, financeable, institutional-quality apartment asset — and clears the ±$20.0M development cost on its own, untrended, with a ±$1.4M cushion that widens once rents are trended across the build. A genuine path for a long-term holder, and a credit backstop for a construction lender. Value sensitivity: $22.5M at a 5.00% cap · $20.5M at 5.50%.
Buildings delivered 2021–2025 within a few blocks establish the rents a completed Branden would command. Subject underwrites in line with the 2024–2025 vintage.
| Property | Built | Type | Avg SF | Asking Rent / mo | Rent / SF |
|---|---|---|---|---|---|
| One-Bedroom — the dominant subject unit type (27 of 39) | |||||
| Inspire Echo Park · 355 Glendale Blvd | 2024 | 1BR | 523–580 | $2,900–$3,500 | $5.80 |
| 1915 Park · 1915 Park Ave | 2025 | 1BR | 594–778 | $3,493–$3,659 | $5.21 |
| OnSunset · 2225 W Sunset Blvd | 2025 | 1BR | 514–1,106 | $3,275–$4,300 | $5.15 |
| Echo 55 · 1655 N Allesandro St | 2025 | 1BR | ±850 | $2,750–$3,200 | $3.65 |
| Zag Apartments · 1750 Glendale Blvd | 2022 | 1BR | 705 | $2,950 | $4.18 |
| Encore Echo Park · 226 N Lake St | 2021 | 1BR | 668 | $2,500–$2,600 | $3.82 |
| ★ SUBJECT · 2126–2136 Branden | 2028E | 1BR | 737 | $3,200–$3,400 | $4.48 |
| Two- & Three-Bedroom | |||||
| Inspire Echo Park · 2BR | 2024 | 2BR | 1,081–1,116 | $5,254–$5,354 | $4.83 |
| Inspire Echo Park · 3BR | 2024 | 3BR | 1,089 | $6,032–$6,182 | $5.61 |
| ★ SUBJECT · 2BR / 3BR | 2028E | 2/3BR | 1,152 / 986 | $4,800 / $6,000 | $4.17 / $6.09 |
A ±$27.7M condominium sellout.
| Line Item | Basis | Amount |
|---|---|---|
| Market-Unit Sellout | 36 units · 30,492 SF × $875/SF | $26,680,500 |
| Income-Restricted Units | 3 units × ±$325,000 (covenant-restricted) | $975,000 |
| Gross Condominium Sellout | base case | $27,655,000 |
The subject's finished units land squarely in Echo Park's active condominium band — led by The Cliffs, one block away on Clifford Street.
| Comparable | Location | Built | Product | ±$/SF |
|---|---|---|---|---|
| The Cliffs Echo Park | 2142 Clifford St ↗ · 1 blk | 2019 | 18 modern 2BR condos · 1,449–1,774 SF | $750–850 |
| Douglas Collective | 1324 Douglas St ↗ | 2026 | 10 detached 3BR · 1,983–2,127 SF | $713–768 |
| Morra Echo Park | 1516 Echo Park Ave ↗ | 2021 | 5 modern 2/3BR townhomes · 1,434–1,480 SF | $750–900 |
| Colline Echo Park | 1510 N Liberty St ↗ | 2019 | 9 small-lot 2/3BR homes · 1,286–1,750 SF | $725–850 |
| Gaspar Echo Park | 1330–1346 N Douglas St ↗ | 2014 | 10 detached 2/3BR · 1,893–2,082 SF | $700–800 |
| ★ SUBJECT · sellout | 2126–2136 W Branden St | 2028E | 39 new condos · 1/2/3BR · avg 847 SF | ±$875 |
Where brand-new condo product clears.
From Finished
Value to Site.
±$513K per unit · ±$476 per gross SF.
| Cost Category | Basis | Amount |
|---|---|---|
| Hard Costs | ±$345/GSF · ±$369K/unit · incl. 2-level subt. garage | $14,400,000 |
| Soft Costs | A&E, permits/fees, legal, marketing, taxes — ±18.5% of hard | $2,670,000 |
| Financing & Carry | construction loan interest & fees · ±24-month build | $1,880,000 |
| Contingency | ±7% of hard cost | $1,050,000 |
| Total Development Cost (ex-Land) | $20,000,000 |
Industry-range estimate for a 39-unit, 4-story Type V-A residential building over a 2-level subterranean garage — not a contractor bid. The $369K/unit hard-cost figure sits at the conservative end of the current LA range; a buyer with competitive GC pricing should pencil at or below this level. Under AB 2097 no parking is required — value-engineering the garage strips out the most expensive part of the budget. Every ±$25/SF of hard cost moves residual site value by roughly $1.0M.
A ±$2.68M residual at the $875/SF exit.
| Line Item | Basis | Amount |
|---|---|---|
| Gross Condominium Sellout | base case · $875/SF | $27,655,000 |
| Less: Cost of Sale & Marketing | 6.00% | ($1,659,000) |
| Net Sale Proceeds | $25,996,000 | |
| Less: Total Development Cost (ex-Land) | ±$513K/unit | ($20,000,000) |
| Less: Developer Profit | 12% of gross sellout | ($3,318,000) |
| Residual Value — RTI Site | $2,680,000 |
Supportable range $2,750,000 – $3,350,000 · ±$77,000 per approved unit · ±$201 per lot SF. Priced to drive competitive developer tension, with the dual-exit optionality, RTI permit posture, and interim RSO income supporting the upper end in negotiation — and the basis sits below the ±$5.15M Measure ULA threshold.
Market
& Risk.
The headwinds — and how this deal answers them.
RTI retires design & entitlement cost risk; under AB 2097 no parking is required, so a buyer can value-engineer the subterranean garage down or out. Pricing leaves room for the buyer's hard-cost reality.
A low ±$3.0M land basis anchors the stack; RTI shortens the un-financeable pre-construction window; and the dual exit gives a construction lender two independent take-out paths.
The covenant is what created the 2.05× density. The restricted units are already netted out of both the rental NOI and the condo sellout — the project pencils after the haircut, not before.
Relocation is a known, budgetable item carried in the cost estimate. Until construction, the 6-unit building produces interim income that offsets carry through plan-check and financing.
Stated plainly: the buyer still pulls the permit and clears final conditions. But the discretionary entitlement is approved and plan check essentially complete — the longest, most capital-destroying phase is behind it.
The dual exit is the hedge — soft for-sale market, lease and hold; soft rental market, sell condos. Echo Park is structurally supply-constrained, and the comps are leasing and selling now.
Offered at $3,000,000.
±$77,000 per approved unit · ±$201 per land square foot. RTI plan set and entitlement package included; basis below the Measure ULA threshold.
Offers reviewed as received. Ask the brokers for the data-room link with the full plan set and entitlement documentation.
Approved plan set, density-bonus case, recorded affordability covenant, unit schedules, residual model, and title preliminary available on request.
Construction-lender introductions available. The dual rental / for-sale exit gives a lender two independent take-out paths on a spec development.