Executive Summary
3837 College Avenue is a 7,499 SF lot (50 x 150 ft) in Culver City's RMD, Medium Density Multifamily zone, which allows up to 50 units per acre. It is improved with a 1947 three-bedroom house of about 1,017 SF and a rear dwelling the owner reports was built without permits. The owner reports the tenants have moved out, so a buyer can plan demolition or renovation with no tenancy to resolve.
The site's highest and best legally permissible use is new multifamily housing: about 8 to 9 for-sale townhomes or 8 apartments by right, or about 14 units with a State Density Bonus. The closest land sales support a value of $1,600,000 to $1,700,000. We recommend a list price of $1,600,000 ($213 per land SF) with a firm call for offers.
Subject Property
Location
An apartment block in Culver City. The lot sits one block south of Venice Boulevard in the Clarkdale tract, where most 7,500 SF lots already hold apartment buildings of six to eight units. Sony Pictures Studios and the Culver Center shopping district are less than a mile east.
Very walkable. Walk Score rates the block 87 ("Very Walkable"), with a Transit Score of 59 and a Bike Score of 74. La Ballona Elementary is about two blocks away.
Deep rental and buyer demand. In ZIP 90232 about 62% of households rent, the median household income is about $122,000 and the median home value is about $1.57 million (2024 American Community Survey). HUD's 2027 Small Area Fair Market Rent is $4,040 for a two-bedroom and $5,130 for a three-bedroom.
Zoning and What It Allows
Culver City rezoned the city under its General Plan 2045, with the new zoning map effective October 9, 2024. The County Assessor still prints the old code for this parcel (CCR4); the City's current zoning layer places it in RMD, Medium Density Multifamily, as it does every lot on this block of College and Prospect Avenues.
| RMD Standard | Requirement | On This Lot |
|---|---|---|
| Maximum density | 50 units per acre | 8.6, or 8 units by right; 9 as the base for a State Density Bonus, which rounds up |
| Minimum density | 20 units per acre | At least 3 units in a new project |
| Height, main building | 43 ft | About four stories |
| Minimum lot area | 5,000 SF | Met (7,499 SF) |
Highest and Best Use
A buyer will pay for what can be built here. Four pathways apply; the first three remove the existing structures. Unit counts are planning-level estimates on 7,499 SF, for the buyer's architect and land-use counsel to confirm.
- SB 684 (2023) lets a builder subdivide a multifamily-zoned lot into up to 10 for-sale homes with ministerial approval.
- Each home sells separately; newer construction nearby has sold near $1.6 million (4034 La Salle Ave #102, 1,650 SF, built 2019, sold 09/2024).
- The strongest exit for a builder who sells rather than holds.
- RMD's 50 units per acre allows 8 apartments, up to 43 feet.
- The simplest approval path and the most common building on this block.
- New construction is outside Culver City's rent stabilization, which covers units built on or before 02/01/1995.
- The State Density Bonus adds up to 50% over a base of 9 units when 15% of the base (2 units) is set aside for very low income households.
- Brings concessions and waivers on height, setbacks and parking.
- More units per land dollar, with more design and approval work.
- An owner-user or small investor repairs the house and legalizes or replaces the rear dwelling.
- The lowest value: the zoning goes unused and the repairs are substantial.
- Sets the floor buyers compare against, not the price.
Land and Redevelopment Sales
Nine sales of older houses, small buildings and land on Culver City lots zoned for multifamily, recorded from November 2024 to March 2026. Six are within a quarter mile on the same RMD zoning; three are about a mile east near downtown Culver City, where prices run higher.
| # | Address | Zone | Lot SF | Sale Price | $/Land SF | Closed | What Sold | Dist. |
|---|---|---|---|---|---|---|---|---|
| S | 3837 College Ave (subject) | RMD | 7,499 | $1,600,000 | $213.36 | Proposed | 1947 house and rear dwelling, vacant | |
| A | 3816 Huron Ave | RMD | 7,509 | $1,835,000 | $244.37 | Nov 2024 | 1948 duplex, 2,694 SF | 0.10 mi |
| B | 3832 Huron Ave | RMD | 7,498 | $1,562,500 | $208.39 | Sep 2025 | 1958 triplex, 2,664 SF | 0.10 mi |
| C | 3940 Huron Ave | RMD | 7,453 | $1,600,000 | $214.68 | Nov 2025 | 1949 duplex, 1,872 SF | 0.18 mi |
| D | 3850 Westwood Blvd | RMD | 6,260 | $1,150,000 | $183.71 | Jun 2025 | 1940 house, 1,004 SF | 0.19 mi |
| E | 3823 Tilden Ave | RMD | 6,500 | $1,250,000 | $192.31 | Mar 2025 | 1926 house, 1,066 SF | 0.20 mi |
| F | 3871 Westwood Blvd | RMD | 4,803 | $1,330,000 | $276.91 | Mar 2026 | 1941 house, 1,014 SF | 0.18 mi |
| G | 4030 La Salle Ave | RMD | 6,750 | $2,050,000 | $303.70 | May 2025 | Vacant land with approved plans | 0.85 mi |
| H | 4048 Madison Ave | RMD | 6,750 | $1,830,000 | $271.11 | Dec 2025 | 1913 duplex, 2,108 SF | 0.92 mi |
| I | 4034 Madison Ave | RMD | 6,752 | $2,475,000 | $366.56 | Jan 2025 | 1924 building, 1,157 SF | 0.90 mi |
| Average (A-I) | 6,697 | $1,675,833 | $251.31 |
Recorded prices and dates from LA County Assessor transfer records (full transfer tax paid, typical change in ownership); lot and building sizes per the Assessor; zoning per the Culver City zoning layer. $/SF is the recorded price over Assessor lot area. Median of the set: $244.37 per SF. The three same-size lots on Huron Avenue (A to C) average $222.48 per SF. 4030 La Salle sold with approved plans, which lifts its price.
Apartment Buildings on This Block
Investors have paid about the same for existing six-unit buildings on identical lots, which is the other price a builder weighs before buying land here.
| Address | Lot SF | Units | Built | Sale Price | Closed |
|---|---|---|---|---|---|
| 3847 Prospect Ave | 7,502 | 6 | 1965 | $1,624,500 | Jan 2026 |
| 3826 Prospect Ave | 7,495 | 7 | 1968 | $2,605,000 | Sep 2025 |
| 3806 College Ave | 7,142 | 6 | 1957 | $1,610,000 | May 2025 |
| 3873 College Ave | 9,029 | 8 | 1973 | $2,750,000 | Jan 2025 |
| 3860 College Ave | 7,528 | 6 | 1957 | $1,764,000 | Nov 2024 |
LA County Assessor transfer records and property characteristics, read November 2, 2026.
Developer Interest
Who buys this lot. Small-lot and townhome builders (Pathway A), small apartment builders who hold what they build (Pathway B), and 1031 exchange buyers looking for a Westside development site. Owner-users are a backup pool at a lower price.
What the last campaign showed. Listed from May 2026 at $2,000,000 and then $1,800,000, the property drew more than ten requests for the offering memorandum and several developer calls, but no offer at that price. Two things held buyers back: the ask was above where these lots trade, and the house was occupied.
What has changed. The tenants are out, so a buyer can close and start design right away, and the price can now meet the market at $213 to $227 per land SF. Builders who looked earlier are the first calls.
Opinion of Value
The best evidence is the three same-size lots on Huron Avenue, one block west, in the same zone: $1,562,500, $1,600,000 and $1,835,000, an average of $222 per land SF. Each of those buyers also got a duplex or triplex with rent. This lot offers a vacant site, which a builder values, and a house and rear unit that need substantial repair, which a builder will remove. On balance we place its value at $1,600,000 to $1,700,000.
We recommend listing at $1,600,000, the low end of that range and $200,000 under the prior ask, with a call-for-offers date about three weeks after launch. Pricing at the market rather than above it is what brings several builders to the table at once, and competition among them is the best way to push the final price toward the top of the range.
Marketing Plan for Developers
Lead with the right facts. A one-page feasibility summary on the RMD zoning: about 8 to 9 townhomes, 8 apartments by right, or about 14 units with a density bonus. Builders price what they can verify.
Call the builders directly. Phone and email outreach to townhome and apartment builders active in Culver City, Palms and Mar Vista, including the buyers of the comparable lots above and the developers who requested the offering earlier this year.
Have the diligence ready. A preliminary title report, the trust paperwork showing who signs, any survey or plans on hand, and a plain disclosure of the unpermitted rear dwelling, so a buyer can shorten contingencies.
Run a short, firm process. Ten listing platforms, our developer and broker database, and a call-for-offers date. Any offer already on the table is presented side by side with the rest, compared on price, deposit, timing and certainty.
Our Experience Selling Development Sites
Development sites we have sold on the Westside:
| Address | Neighborhood | Sale Price | Year |
|---|---|---|---|
| 3205 Ocean Park Blvd | Santa Monica | $7,000,000 | 2025 |
| 1617 Barry Ave | West LA | $2,690,000 | 2025 |
| 1233 S Bedford St | Beverlywood | $2,100,000 | 2024 |
| 657 Flower Ave | Venice | $1,175,000 | 2024 |
| 12202 Exposition Blvd | West LA | $2,256,000 | 2023 |
| 1463-1467 Wellesley Ave | West LA | $3,210,000 | 2022 |
| 1531 Sawtelle Blvd | West LA | $2,950,000 | 2022 |
| 3515 Ocean View Ave | Mar Vista | $2,900,000 | 2021 |
From the LAAA Team track record at www.laaa.com/track-record, read November 2, 2026.
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 of November 2, 2026, excluding properties in escrow.
The LAAA Team
