Remarks

Emerging Area - Multi-family Property For Sale - 21,750 Sq. Ft. Contiguous Land!This incredible assemblage of three parcels (APN 5160-022-034, 035, 036) total approximately 21,750 SF (0.5 Acres) of land and also includes an existing 8-unit apartment building. All units are 2bd/1ba. Two units are currently vacant and in need of renovation. Those two units will be delivered as-is. This year the roof was replaced and the building exterior was painted. The site is located in the Westlake neighborhood in Los Angeles just West of Downtown Los Angeles. Over the last five years the area has seen a great renewal with hundreds of new units built within a few blocks of the subject site. Residentially dense zoning, described below, allows for many development strategies for the three parcels all while generating cashflow from the existing rental units. Possible development examples: Add units to the existing apartment site under current zoning or ADU legislation. Build new units on vacant parcels. Demolish existing building and develop entire acreage Land bank vacant lots for future developmentZoning: R4(CW)-75/3-0 (Density 400 SF of Land/Dwelling Unit, 75' Height Limit, 3.0 FAR)Key Highlights:Central Location - A short uber ride to Crypto.com Arena, Dodger Stadium, the Music Center, The Broad Museum, Echo Park, Chinatown, Little TokyoViews - Stunning city light views of the Downtown Los Angeles skyline.Emerging Area - Within a few blocks of the site there are close to 500 new units across 7 new apartment communities and even more beyond that immediate area.Contiguous Parcels- A substantial plot of contiguous land, ideal for residential development projectsMulti-family Zoning - Existing zoning allows high density multi-family communities.TOC Tier 2 - City of Los Angeles Transit Oriented Communities Affordable Housing Incentive Program. Tier to be verified with current transportation services.QCT - Site is within QCT designated areas that are sought after by affordable housing tax credit developers (Qualified Tracts Area per 2024 HUD map).Don't miss out on this exceptional opportunity in this emerging market!

Details

MLS#: P1-18664
Price: $2,400,000

Style: Multi Family
Year Built: 1962

County: Los Angeles