The offering at a glance.
Two contiguous Echo Park parcels — 14,928 SF of R3 land offered as a raw development site with conceptual plans for 39 residential units via the California State Density Bonus. No entitlements or permits convey; the buyer pursues its own approvals with the design thinking and density-bonus roadmap already on paper.
Executive
Summary.
A low-basis Echo Park double lot with a conceptual plan for 39 units — the thinking already done, priced for the bottom of the cycle.
A marked State Density Bonus path to 39 units — a state-law program with objective, non-discretionary incentives, with the concept already drawn to that framework.
Six newer-construction buildings within blocks are leasing at $3.65–$6.35/SF today — real market evidence for a stabilized ±$21.4M asset at the end of the runway.
±$201 per lot SF and ±$76,900 per conceptual unit — below every entitled land deal in the pocket, below the ULA threshold, with all six existing units delivered vacant at close.
Six reasons 2126–2136 Branden trades.
A Marked Trail to 39 Units
The State Density Bonus — a state-law program with objective incentives — carries the site to a conceptual 39 units, and the concept is already drawn to that framework.
Low, Defensible Basis
±$201 per lot SF and ±$76,900 per conceptual unit — below the pocket's entitled-land benchmark and priced for the bottom of the cycle.
Design Work Product Conveys
The Molai Land & Design conceptual plan set — massing, unit schedules, parking layout, density-bonus calculations — gives a buyer a running start on its own application.
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.
Priced for the Cycle
The land basis is sized so a future project pencils against today's discounted finished-product trades — a buyer at this number is buying the cycle, not fighting it.
Delivered Vacant
All six existing units will be delivered vacant at close — one property was owner-occupied, and the sellers are working with the Housing Department on the required paperwork — clearing the buyer's path to demolition.
The
Property.
A double lot with the thinking already done.
The path to 39 units — marked, not yet run.
California State Density Bonus (LAMC 12.22.A.37) — a state-law program with objective density, FAR & height incentives, unlocked by a very-low-income set-aside. Pursued by the buyer; not a rezone or variance fight.
Conceptual design package (Molai Land & Design) — massing, unit schedules, parking layout & density-bonus calculations. Conveys as work product; no approvals attach.
51 subterranean stalls drawn in the concept; none required under AB 2097 — a buyer can value-engineer the garage down or out before submitting anything.
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, and newer-construction rentals within blocks are achieving roughly $3.65–$6.35 per SF — the rent band that underpins the rental analysis behind the concept.
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
The Rental
Story.
Buy the dirt today. Build the concept into a ±$21.4M asset.
Low-Basis Echo Park Canvas
14,928 SF of R3 land at ±$201/lot SF with a conceptual 39-unit plan, a marked density-bonus path, and all six existing units delivered vacant at close.
Stabilized Apartment Building
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, trending higher across the runway.
A stabilized ±$21.4M institutional asset.
A completed 39-unit building on this site underwrites to a stabilized, financeable, institutional-quality asset. Against the $3.0M land basis plus a ±$20.0M build cost, the untrended yield-on-cost is ±4.9%, trending toward ±5.4% as rents grow across the entitlement-and-construction runway — a positive development spread against a 5.00–5.25% stabilized market cap, with the low land basis carrying the risk. 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 | 2029E | 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 | 2029E | 2/3BR | 1,152 / 986 | $4,800 / $6,000 | $4.17 / $6.09 |
Pricing
the Land.
±$513K per unit · ±$487 per gross SF.
| Cost Category | Basis | Amount |
|---|---|---|
| Hard Costs | ±$350/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 executing the conceptual 39-unit, 4-story Type V-A scheme 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 — and because the plan is still conceptual, the garage can be value-engineered down or out before anything is submitted, stripping out the most expensive part of the budget.
Priced below every entitled deal in the pocket.
| Property | Lot SF | Status | Price | $ / Lot SF |
|---|---|---|---|---|
| Closed Land Sale | ||||
| 825–837 Hyperion Ave · Silver Lake | 22,570 | Entitled & RTI at close · tax-credit buyer · 18-mo escrow · 6/26/2026 | $5,277,000 | $234 |
| On Market — Active Land Listings | ||||
| 1415 W Court St · Echo Park | 12,040 | Vacant land · CW (R4) · south of the 101 | $1,900,000 | $158 |
| 1108 Manzanita St · Sunset Junction | 7,688 | 54-unit RTI · 100% affordable · ±$41.6K/door | $2,250,000 | $293 |
| 801–807 Waterloo St · Echo Park | 12,613 | 131-unit ED1 fully entitled · 100% affordable · 4+ months on market | $3,025,000 | $240 |
| ★ SUBJECT · 2126–2136 W Branden St | 14,928 | Raw land · conceptual 39-unit plan · no entitlements convey | $3,000,000 | $201 |
±$201 per lot SF · ±$76,900 per conceptual unit. Priced to drive competitive tension among land buyers and density-bonus developers, with the conceptual package, the entitled-land benchmark, and vacant delivery of all six existing units supporting the top of the market in negotiation — and the basis sits well below the ±$5.15M Measure ULA threshold.
Market
& Risk.
The headwinds — and how this deal answers them.
The plan is still conceptual — a buyer value-engineers before a single sheet is submitted, and under AB 2097 no parking is required, so the subterranean garage can shrink or go. Pricing leaves room for the buyer's hard-cost reality.
A ±$3.0M land basis anchors the stack — a number a buyer can carry without construction debt while entitling, with all six existing units delivered vacant and no tenant obligations attached to the hold.
The covenant is what would unlock the 39-unit density. The restricted units are already netted out of the rental NOI — the concept pencils after the haircut, not before.
Answered before close: all six existing units will be delivered vacant. One property was owner-occupied, and the sellers are working with the Housing Department on the required paperwork — the buyer inherits no relocation obligations.
Stated plainly: this is raw land, and the buyer runs its own entitlement. The mitigant is the kind of path — the State Density Bonus is objective and non-discretionary, and the concept is drawn to that framework.
The land basis is the hedge — at ±$77K per conceptual unit the buyer pays for dirt near the bottom of the cycle, in a structurally supply-constrained pocket where the newest comps are leasing now.
Offered at $3,000,000.
±$76,900 per conceptual unit · ±$201 per land square foot. All six existing units delivered vacant at close. Conceptual plan set conveys as design work product; basis well below the Measure ULA threshold.
Offers reviewed as received. Ask the brokers for the data-room link with the conceptual plan set and supporting materials.
Conceptual plan set (Molai Land & Design), unit schedules, density-bonus framework, rent comparables, existing rent roll, and title preliminary available on request.
The low land basis is carryable through entitlement without construction debt; construction-lender introductions available when the buyer is ready to build.