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$ 1,299,000
Est. payment | /mo
4 Beds
2 Baths
2,199 SqFt
$ 1,299,000
Est. payment | /mo
4 Beds
2 Baths
2,199 SqFt
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 2,199 sqft
Price per Sqft $590
MLS Listing ID 24415333
Bedrooms 4
HOA Y/N No
Year Built 1914
Lot Size 7,048 Sqft
Property Description
Great investment opportunity for a developer to build, an investor to buy and hold or as an owner-occupied unit. Prime development opportunity located in a desirable area of Los Angeles. Eligible for new CHIP ordinance that can allow additional 50% density increase and significant parking reductions (See Docs). Zoned R3-1-O and designated as a TOC Tier 3 site, this property offers substantial incentives for increased density and reduced parking requirements. With significant buildable area and favorable height and density allowances, this site is ideal for developers looking to create a high-density, multifamily residential project.Key Features:Ample Buildable Area: The property spans 7,048 sq. ft. with a buildable square footage of 21,144 sq. ft., providing a solid foundation for a substantial development. Optimized density and parking efficiency may include up to a 70% increase in allowable density and a 50% reduction in parking requirements, enhancing project feasibility and profitability. Situated in a dynamic and accessible part of Los Angeles, Its proximity to major transportation routes and urban amenities ensures strong demand and long-term growth potential, making it a highly attractive investment opportunity. All information provided is deemed reliable but not guaranteed. Buyer and buyers agent to perform their own investigation including but not limited to lot size, zoning and planning, building restrictions. This property is tenant occupied and as such, being sold with tenants in place. Contact listing agent for more information on current rent roll.
Location
State CA
County Los Angeles
Area C16 - Mid Los Angeles
Zoning LAR3
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Appliance Refrigerator
Exterior
Parking Features Driveway, One Space
Total Parking Spaces 6
Building
Entry Level Two,Multi/Split
Architectural Style Craftsman
Level or Stories Two, Multi/Split
New Construction No
Others
Senior Community No
Tax ID 5072003022
Special Listing Condition Standard
Listed by Shamim Khorsand Mashhadi • RE/MAX ESTATE PROPERTIES
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "