508 S Wilton Place, Los Angeles, CA 90020

Property Description

Discover this captivating two-story single-family home nestled in the prestigious Hancock Park neighborhood one of Los Angeles' most coveted addresses. Step inside to find elegant hardwood flooring throughout, a refined formal dining room, and a bright, airy layout that exudes timeless charm. The main level offers two bedrooms along with a separate office space, providing versatile living and work-from-home flexibility. Upstairs, three additional bedrooms offer generous private retreats for family and guests. As sunlight dances through its windows during the day, the designer's lighting creates a magical ambiance at night. Step into the serene backyard, enveloped by lush trees, and find tranquility in the heart of the city. With some personal touches, this home has every potential to transform into a true gem- the bones are exceptional and the canvas is ready for its next chapter. And the neighborhood speaks for itself. Tree-lined streets, landmark estates, and the timeless elegance of Hancock Park surround you- one of the few neighborhoods in Los Angeles where prestige, history, and community come together seamlessly. This single-family residence sits on a site zoned R3-2, offering the following by-right development standards: Floor Area Ratio of 6:1 and building heights of up to 75 ft / 6 stories. Twice the development capacity of standard R3-1 zoning (FAR 3:1 / 45 ft). No RSO liability- existing single-family use carries no rent control obligations upon demolition or succession risk for newly constructed units. The site also qualifies for the following development incentives: TOC Tier 3 designated (per ZIMAS), unlocking density bonuses of up to 70%, FAR increases of up to 50%, and reduced parking requirements in exchange for on-site affordable units. ED1-eligible (per ZIMAS) for 100% affordable housing projects, enabling streamlined ministerial approval and accelerated entitlement timelines. Citywide Housing Incentive Program (CHIP) area, providing additional incentive pathways. The property is valued for its land. The existing structure is considered incidental to development potential. All property information is provided as a preliminary guide only. Buyers are advised to independently verify all details through their own due diligence and professional consultation.