Executive Summary
2318, 2322, 2328 and 2332 S Amherst Avenue are four contiguous lots totaling 25,014 SF (0.57 acres, per survey) in Sawtelle, each improved with a 1940s single-family home that will be delivered vacant. The site is zoned RAS4-1VL under the Exposition Corridor Transit Neighborhood Plan and sits about 0.15 miles from the Expo/Bundy station.
The approved project is an 8-story, 83-foot building with 114 apartments (101 market rate and 13 Extremely Low Income) over two levels of subterranean parking, designed by KFA. Units average 742 SF (84,551 net SF), from 544 SF studios to 1,049 SF two-bedrooms. We priced the site two ways: as entitled, and re-entitled under the newer programs the site now qualifies for, including Executive Directive 1, the City's Mixed Income Incentive Program and the state density bonus. We recommend a list price of $8,000,000 ($319.82 per land SF, $70,175 per approved unit).
Subject Property
The Approved Project
City Planning approved the project in March 2025 (Urbanize LA, 04/10/2025) under Transit Oriented Communities Tier 4 in case DIR-2024-179-TOC-VHCA, with a vesting preliminary application under the Housing Crisis Act. The full planning set (KFA, 27 sheets) is available to qualified buyers.
Approved Unit Mix
| Type | Units | Total SF | Avg SF |
|---|---|---|---|
| Studio | 31 | 16,876 | 544 |
| Junior 1 Bedroom | 12 | 8,069 | 672 |
| 1 Bedroom | 36 | 25,723 | 715 |
| 1 Bedroom + Den | 2 | 1,492 | 746 |
| 2 Bedroom | 26 | 27,277 | 1,049 |
| 2-Story 2 Bedroom | 1 | 662 | 662 |
| 2-Story Live/Work | 5 | 3,197 | 639 |
| 3 Bedroom | 1 | 1,254 | 1,254 |
| Total | 114 | 84,551 | 742 |
Source: KFA planning submittal, sheets G001, G010 and G013 (12/18/2023), and the ZIMAS case summary for DIR-2024-179-TOC-VHCA. Approval and expiration dates to be confirmed from the determination letter.
Development Pathways
The approved TOC project is the baseline. Since it was filed, the site has also become eligible for programs that allow more units, at the cost of a new filing. Unit counts for Pathways B through D are planning-level estimates for pricing and should be confirmed by an architect.
- Approved 8-story, 83-foot building with a vested Housing Crisis Act application and a full planning set.
- Only 11% of units are affordable (13 ELI), the lowest set-aside of any pathway.
- A buyer moves straight to building permits: the fastest start and the least entitlement risk.
- The site is in Transit Oriented Incentive Area 3, where MIIP replaces TOC with a larger density increase and ministerial review.
- More units in a similar envelope, with a set-aside tied to the "High" market area.
- A new filing, so replacement-unit review for the four homes applies.
- A 50% state bonus with 15% Very Low Income units, stacked with up to 50% more under AB 1287 by adding moderate or very low income units.
- Incentives and waivers can carry the height and FAR the project needs.
- Suits a builder who wants a state-law approval path or a for-sale (condo) version.
- ZIMAS lists the site as an ED 1 Eligible Site, and its AB 2334 Very Low Vehicle Travel Area status lifts the density cap for a 100% affordable project.
- Ministerial, expedited approval; TCAC High Opportunity Area supports tax-credit scoring.
- Our 2600 S Robertson listing carries 149 ED 1 units on 16,220 SF, the same density this site would support at about 230 units.
Pathways Side by Side
| Pathway | Units | Height | Affordable Set-Aside | Approval | Status |
|---|---|---|---|---|---|
| A · Approved TOC Tier 4 | 114 | 83 ft, 8 stories | 13 ELI (11%) | Approved | Ready for permits |
| B · CHIP MIIP (TOIA 3) | ~125-140 | Incentive | Per High market tier | Ministerial | New filing |
| C · Density Bonus + AB 1287 | ~120-126 | Incentive / waiver | ~15-30% | Administrative | New filing |
| D · ED 1 / AHIP | ~200-240 | +3 stories (state law) | 100% | Ministerial, expedited | New filing |
Land Sales Comparables
Twenty closed development and redevelopment sites, recorded between April 2024 and August 2026, most within 1.5 miles. The three closest sales are on the subject's own street and the next block.
| # | Address | Zoning | Lot SF | Sale Price | $/Land SF | Closed | Dist. |
|---|---|---|---|---|---|---|---|
| S | 2318-2332 S Amherst Ave (subject) | RAS4 | 25,014 | $8,000,000 | $319.82 | Proposed | |
| 1 | 2339 Amherst Ave Across the street | R1* | 5,636 | $1,500,000 | $266.15 | Nov 2025 | 0.04 mi |
| 2 | 2219 Wellesley Ave | R1* | 6,250 | $1,675,000 | $268.00 | Aug 2025 | 0.2 mi |
| 3 | 2215 Wellesley Ave | R1* | 9,689 | $2,500,000 | $258.02 | Oct 2024 | 0.2 mi |
| 4 | 11570 W Olympic Blvd Use not confirmed | M2 | 23,171 | $7,200,000 | $310.73 | Jun 2026 | 0.5 mi |
| 5 | 1800 S Bundy Dr | R3 | 7,567 | $1,900,000 | $251.09 | Jun 2026 | 0.6 mi |
| 6 | 1928-1932 Federal Ave | R2 | 12,191 | $3,295,000 | $270.28 | Feb 2026 | 0.7 mi |
| 7 | 1747 Stoner Ave 53 units ($45,000/unit) | R3 | 7,374 | $2,385,000 | $323.43 | Apr 2024 | 0.7 mi |
| 8 | 2470 Purdue Ave | R3 | 7,500 | $1,950,000 | $260.00 | Feb 2025 | 0.8 mi |
| 9 | 2478 Purdue Ave | R3 | 7,502 | $1,600,000 | $213.28 | Jun 2025 | 0.8 mi |
| 10 | 11970 Santa Monica Blvd | C2 | 15,182 | $7,150,000 | $470.95 | Aug 2025 | 1.0 mi |
| 11 | 1463-1467 Wellesley Ave 17 units on plans | R2 | 15,523 | $3,920,000 | $252.53 | Aug 2026 | 1.0 mi |
| 12 | 1723 Corinth Ave 42 units ($59,524/unit) | R3 | 7,359 | $2,500,000 | $339.72 | Mar 2025 | 1.0 mi |
| 13 | 11161 W Pico Blvd Use not confirmed | M2 | 19,860 | $3,500,000 | $176.23 | Dec 2025 | 1.0 mi |
| 14 | 2330 Pontius Ave Near Expo/Sepulveda | M2 | 16,744 | $3,730,000 | $222.77 | Sep 2025 | 1.0 mi |
| 15 | 3252 S Barrington Ave | R3 | 8,234 | $2,000,000 | $242.90 | Jun 2025 | 1.2 mi |
| 16 | 11010 W Pico Blvd | C2 | 16,776 | $5,750,000 | $342.75 | May 2025 | 1.2 mi |
| 17 | 2319-2323 Westwood Blvd | C4 | 13,213 | $5,000,000 | $378.42 | May 2025 | 1.5 mi |
| 18 | 2127 Westwood Blvd | C4 | 10,806 | $4,250,000 | $393.30 | Mar 2026 | 1.5 mi |
| 19 | 10440 Eastborne Ave | R3 | 7,150 | $2,100,000 | $293.71 | May 2025 | 2.4 mi |
| 20 | 12461 Louise Ave, Mar Vista 60 units ED1 ($70,000/unit) | R3 | 12,119 | $4,200,000 | $346.56 | Jun 2025 | 2.8 mi |
| Average (comps 1-20) | 11,492 | $3,405,250 | $294.04 |
Prices, closing dates and lot sizes verified against LA County Assessor transfer records, October 2026. $/SF is the recorded price over assessor lot area. Zoning is the assessor's code; * marks parcels the Expo Corridor plan has since rezoned, so their assessor code understates current zoning. Comps 4 and 13 may have been bought for their existing use. Median of the set: $269.14 per SF; the nine sales within 0.8 miles average $269.00 per SF.
Active Land Listings Nearby
| Address | Lot SF | Asking | $/Land SF | Notes | Dist. |
|---|---|---|---|---|---|
| 1656 Sawtelle Blvd LAAA Team Listing | 7,005 | $2,995,000 | $427.55 | Cleared; about 38 units via MIIP, about 52 with AHIP | 1.6 mi |
| 10713-10725 Palms Blvd | 12,873 | $4,195,000 | $325.88 | Prior TOC approval for 28 units; advertised at two prices | 2.3 mi |
| 2600 S Robertson Blvd LAAA Team Listing | 16,220 | $6,995,000 | $431.26 | 149 ED 1 units approved ($46,946 per unit) | 3.4 mi |
Asking prices as advertised, October 2026; status to be confirmed with each listing broker.
Key Takeaways
Unentitled lots on this block trade near $266 per SF. The sale across the street closed at $266 per land SF in November 2025, and the two Wellesley lots behind it at $258 and $268, all as single-family lots with no approval.
An approval is worth a premium. Entitled sites nearby sold for $45,000 to $70,000 per unit, but none had more than 60 units. This site offers 114 approved units and a vested application, which saves a buyer the entitlement time and risk.
Commercial-zoned sites price higher. The seven sales with commercial or industrial zoning averaged $328 per SF. The subject's RAS4 zoning is a residential-commercial zone under the Expo plan.
A 100% affordable buyer can underwrite about twice the units. As an ED 1 eligible site in a Very Low Vehicle Travel Area, the site supports roughly 200 to 240 affordable units, about $36,000 per unit at our recommended price.
Measure ULA applies at any realistic price. Above $5,400,000 the City's transfer tax is 4% of the full price; at $8,000,000 that is $320,000, paid by the seller unless negotiated otherwise.
Pricing Recommendation
As entitled. Unentitled lots on the subject's block traded at $258 to $268 per SF over the past two years, and the nine sales within 0.8 miles averaged $269 per SF. A buyer here gets an approved 114-unit building, a vested application and a full planning set, so the site should trade above those lots. At $319.82 per SF and $70,175 per approved unit, the recommended price sits about 20% above the block's unentitled sales and at the top of the $45,000 to $70,000 per unit range paid for smaller entitled sites nearby, which is where a 114-unit vested approval belongs.
Re-entitled. A tax-credit or ED 1 sponsor would underwrite about 200 to 240 units, or roughly $33,000 to $40,000 per unit at $8,000,000. That is below the $46,946 per unit asked for our 149-unit ED 1 site at 2600 S Robertson and the $70,000 per unit paid for 12461 Louise in Mar Vista. That buyer pool supports the price, but it must file and wait for a new approval, so we would not price above the as-entitled range to reach it. The re-entitled view is the reason to expect competition at list, not a reason to ask more.
Final pricing depends on two items we still need: confirmation that all four lots convey (two are held by family trusts) and the approval and expiration dates in the TOC determination letter.
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