Executive Summary
1129 S Bedford Street is a 6,397 SF lot in the [Q]R3-1-O zone in Pico-Robertson, improved with a 1930 Spanish-style duplex of 2,841 SF. Both units are subject to the City's Rent Stabilization Ordinance. The owner has two building permits in plan check, filed in June 2026, to enlarge the duplex to three stories and build a new three-story duplex with an attached ADU behind it: five units with no demolition of the existing building.
The site sits in a TCAC/HCD Highest Resource area and a 2026 Small Area DDA, within half a mile of a major transit stop, and it is a City Housing Element site that allows ministerial approval for qualifying projects. Four development pathways apply, from the owner's five-unit plan to a mixed-income building of about 40 units. The closest sales on the same zoning closed at $255 to $288 per land SF. We recommend a list price of $1,795,000 ($280.62 per land SF).
Subject Property
Location
Pico-Robertson. The site is in the R3 district the City mapped between the Beverly Hills city line on the north, Robertson Boulevard on the west, Pico Boulevard on the south and La Cienega Boulevard on the east. The block scores 85 for walkability (Walk Score, "Very Walkable") and 58 for transit.
A neighborhood of apartment buildings. About 70% of households in ZIP 90035 rent, the median home value is about $1.9 million and the median household income is about $105,000 (2024 American Community Survey). HUD's 2027 Small Area Fair Market Rent in 90035 is $3,320 for a one-bedroom.
Builders are already here. One block south, 1233 S Bedford is in plan check for 44 units on the same zoning. LADBS records show the owner of this lot has pursued larger projects too: a 2023 TOC approval and 2024 grading and shoring filings for an apartment building with a basement.
TCAC and HUD Designations
For an affordable or mixed-income buyer using tax credits or tax-exempt bonds, the site carries the two designations that matter most: the state's top opportunity category and HUD's Small Area Difficult Development Area status.
Highest Resource. The 2026 TCAC/HCD Opportunity Map places the tract in the Highest Resource category. Tax-credit and bond applications in High and Highest Resource areas score better, and ZIMAS shows the same TCAC Opportunity Area of Highest.
Small Area DDA, 2026 and 2027. ZIP 90035 is on HUD's Small Area Difficult Development Area list for both years, so a tax-credit project here can increase its eligible basis by up to 30%, raising the credit equity the same building attracts.
High rents for voucher holders. HUD's 2027 Small Area FMRs in 90035 run about 38% above the metro-wide figures, which lifts the rents a voucher-assisted unit can reach.
| HUD 2027 Small Area FMR | Studio | 1 Bedroom | 2 Bedroom | 3 Bedroom |
|---|---|---|---|---|
| ZIP 90035 | $2,980 | $3,320 | $4,100 | $5,200 |
| LA metro area | $2,151 | $2,402 | $2,964 | $3,760 |
Development Pathways
The [Q] condition holds base density to about 5 units, but the site's transit location, its Housing Element status and the state density bonus open far larger buildings. Four pathways apply, from finishing the owner's plan to a mixed-income building of about 40 units. Unit counts are planning-level estimates on 6,397 SF, to be confirmed by the buyer's architect and land-use counsel.
- The owner's permits: the 1930 duplex grows to three stories (3,880 SF) and a new three-story duplex with an attached ADU (3,958 SF) goes on the rear of the lot.
- Both filed 06/10/2026; LADBS shows verifications in progress as of 10/07/2026.
- The existing building stays, so no Ellis Act withdrawal is needed; its two units stay under the RSO.
- A 60% density increase over base density, with 9% Extremely Low, 12% Very Low or 21% Lower Income units.
- The City approved a TOC project on this lot in 2023 (DIR-2023-2998), with height raised to 56 feet; that approval was abandoned.
- Administrative approval; removing the duplex brings Ellis Act and unit replacement obligations.
- The route 1233 S Bedford is using one block south: 44 units, eight stories and 90 feet on 6,840 SF, with 9 Low Income units (20%).
- Scaled to this lot, the same building yields about 41 units, about 80% of them market rate.
- Housing Element status (ZI-2534) supports ministerial review for qualifying projects.
- 1233 S Bedford's earlier plan: a seven-story, 36-unit, 100% affordable building on 6,840 SF, in plan check by December 2023; about 34 units scaled to this lot.
- Highest Resource plus a Small Area DDA, the two designations tax-credit and bond buyers look for.
- ED 1 excludes only RSO sites with 12 or more occupied units; this lot has two.
Pathways Side by Side
| Pathway | Units | Height | Affordable Set-Aside | Existing Duplex | Approval |
|---|---|---|---|---|---|
| A · Plans in plan check | 4 + ADU | 34 ft | None | Kept and enlarged | By right |
| B · TOC Tier 2 | ~8-10 | To 56 ft | 9% ELI, 12% VLI or 21% LI | Removed | Administrative |
| C · Density bonus, 1233 S Bedford model | ~38-41 | ~90 ft | ~20% Low Income | Removed | Ministerial or administrative |
| D · 100% affordable (ED 1 / AHIP) | ~33-36 | ~7 stories | 100% | Removed | Ministerial |
Land Sales Comparables
Fifteen closed development and teardown sites within about 2.5 miles, recorded from January 2024 to June 2026. Each one sold for its land: the buyer filed to demolish or build new, or the site sold with plans already filed. Five are on the subject's [Q]R3 zoning in Pico-Robertson.
| # | Address | Zoning | Lot SF | Sale Price | $/Land SF | Closed | Site and Plans | Dist. |
|---|---|---|---|---|---|---|---|---|
| S | 1129 S Bedford St (subject) | [Q]R3 | 6,397 | $1,795,000 | $280.62 | Proposed | 1930 RSO duplex; 5-unit plans in plan check | |
| A | 1140 S Shenandoah St | [Q]R3 | 6,384 | $1,800,000 | $281.95 | Dec 2025 | 1933 duplex; demolition and ADU plans filed before the sale | 0.04 mi |
| B | 1233 S Bedford St | [Q]R3 | 6,839 | $1,750,000 | $255.89 | Nov 2025 | Resale with the 44-unit plan; LAAA Team sold it in Sep 2024 | 0.10 mi |
| C | 1068 S Sherbourne Dr | [Q]R3 | 6,168 | $1,775,017 | $287.78 | Feb 2024 | Duplex torn down; 14 units | 0.11 mi |
| D | 1527 S Sherbourne Dr | [Q]R3 | 6,500 | $1,500,000 | $230.77 | Oct 2025 | Duplex torn down; two duplexes plus ADU (5 units) | 0.40 mi |
| E | 6113 Pickford St | RD1.5 | 5,999 | $1,616,000 | $269.38 | Jul 2025 | 4-unit small lot subdivision | 0.59 mi |
| F | 1904 Preuss Rd | RD1.5 | 7,988 | $2,100,000 | $262.89 | Dec 2025 | House; demolition filed | 0.88 mi |
| G | 1450 S Orange Grove Ave | [Q]R3 | 7,125 | $1,400,000 | $196.49 | May 2024 | Sold as land; 16 units | 0.97 mi |
| H | 1916-1920 S Garth Ave | RD2 | 12,889 | $2,500,000 | $193.96 | Feb 2025 | Sold with permits issued; about 10 units | 0.97 mi |
| I | 1916 Chariton St | RD2 | 5,714 | $980,000 | $171.51 | Sep 2025 | 4 units | 0.99 mi |
| J | 1965 S Corning St | RD2 | 6,305 | $1,321,000 | $209.52 | Jun 2026 | 5 units | 1.03 mi |
| K | 1420 S Cochran Ave | RD1.5 | 6,849 | $1,150,000 | $167.91 | Aug 2025 | Vacant lot; 5 units | 1.71 mi |
| L | 2242 S Ridgeley Dr | RD1.5 | 6,478 | $1,000,000 | $154.37 | May 2025 | Two duplexes | 1.82 mi |
| M | 4940 W 20th St | C2 | 8,238 | $1,500,000 | $182.08 | May 2024 | 60 affordable units | 2.23 mi |
| N | 424 N Vista St | RD1.5 | 7,015 | $1,599,000 | $227.94 | Jan 2024 | 12 units | 2.27 mi |
| O | 3751 Delmas Ter | R3 | 7,247 | $1,800,000 | $248.38 | May 2025 | 37 affordable units | 2.41 mi |
| Average (A-O) | 7,183 | $1,586,068 | $222.72 |
Recorded prices and dates from LA County Assessor transfer records; lot sizes per the Assessor; zoning per the City zoning layer; plans per LADBS permit filings, October 2026. $/SF is the recorded price over Assessor lot area. Median of the set: $227.94 per SF; the five [Q]R3 sales (A, B, C, D, G) have a median of $255.89. A 2024 sale at 1814 Fox Hills Dr ($574.89 per SF, with existing income buildings) is left out as an outlier. The LAAA Team's September 2024 sale of 1233 S Bedford at $2,100,000 is from our own records; the Assessor shows no recorded price for it.
Active Land Listings Nearby
| Address | Lot SF | Asking | $/Land SF | Notes |
|---|---|---|---|---|
| 1044 S Robertson Blvd | 7,279 | $2,000,000 | $274.76 | Vacant lot |
| 1047 S Corning St | 4,827 | $2,495,000 | $516.88 | Vacant; lender-owned after foreclosure |
| 1126 S Corning St | 19,736 | $9,995,000 | $506.44 | Ready-to-Issue, 50 units |
| 2600 S Robertson Blvd LAAA Team Listing | 16,220 | $6,995,000 | $431.26 | Ready-to-Issue, 149 affordable units |
Asking prices as advertised, October 2026; status to be confirmed with each listing broker.
Key Takeaways
The block trades at $255 to $288 per land SF. The three closest [Q]R3 sales, all within about 600 feet, closed at $281.95 (1140 S Shenandoah, a duplex sold with plans), $255.89 (1233 S Bedford) and $287.78 (1068 S Sherbourne).
The same plan has already sold. 1527 S Sherbourne, a [Q]R3 duplex lot, sold in October 2025 for $1,500,000 ($230.77 per SF), and its buyer filed the same two-duplexes-plus-ADU plan this owner has in plan check.
The upside is density. On the same zoning one block south, a 44-unit filing works out to $39,773 per unit at its November 2025 price. At the recommended price, this lot is about $43,800 per unit on a 41-unit building.
Two items buyers will price. The two RSO units, and whether they are occupied, decide how fast a buyer can build anything but Pathway A. The permits already in plan check give a five-unit buyer a head start.
Pricing Recommendation
At $1,795,000 the lot is priced at $280.62 per land SF, between the two sales on its own block: 1140 S Shenandoah at $281.95 (a duplex sold with plans filed) and 1068 S Sherbourne at $287.78. It sits above 1233 S Bedford's November 2025 resale at $255.89 and 1527 S Sherbourne at $230.77, which is where buyers who see only the five-unit plan and the two rent-stabilized units will start.
The price is supported by what the site offers that those sales did not: permits in plan check for five units with no demolition, a 2023 TOC approval on record, and a Highest Resource and Small Area DDA location for affordable and mixed-income buyers. We expect offers between $1,650,000 and $1,800,000. Confirming the occupancy of the two units before launch, and whether the permits can be assigned to a buyer, will move the price toward the top of that range. The sale is well below the Measure ULA threshold.
Marketing Reach
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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 last verified October 16, 2026, excluding properties in escrow; 2600 S Robertson shown at its October 21, 2026 price.
The LAAA Team
