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    2834 W Leeward Avenue

    Los Angeles (City), CA 90005
    • $2,295,000
    • STATUS: Active
    • ON SITE: 13 days
    • ID#: 20642428
    UPDATED: 16 min ago
    $2,295,000
    • 0
      BEDS
    • 0.21
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Vacant Land / Lots
    County:

    School Ratings & Info

    Description

    100% vacant 5-unit building with 40-unit development potential in Koreatown priced at only 57k per buildable unit. Renovate existing 5 units to capture a huge upside to 6% Cap and 12 GRM or Redevelop to 40 apartments/condos that are selling for 600-800k per unit at 2939 Leeward Ave. The subject 9,417 SF lot is in an R4-2 zone with the benefits of TOC Tier-3 and Opportunity Zone. Build 40 units using the TOC designation or 23 units by right. There are currently 2 structures on the property, totaling 4,940 SF and 5 units that could provide cash flow during the entitlement process. Preliminary Plans call for 40 units (4 Affordable) and 33,700 SF of floor area in 6 levels of residential over 1 level of ground floor parking level and 1 level of semi-subterranean parking for a total of 31 parking spaces. The proposed unit mix includes 8 Junior 1-bedroom, 12 Larger 1-bedroom, and 20 2-Bedroom units. Walking distance to Wilshire/Vermont Metro Station (0.4 mi), Restaurants and bars in K-Town!

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-10-20T13:30:50.623. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Anderson Real Estate Group. Licensed in the State of California, USA.

    www.rosecentralvalley.com/homes/110729662
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    2834 W Leeward Avenue Los Angeles (City), CA 90005

    • Price: $2,295,000
    • Status: Active
    • Updated: 16 min ago
    • ID#: 20642428
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.21
    Acres
    Neighborhood:
    C17 - Mid-Wilshire
    County:
    Los Angeles
    Area:
    C17 - Mid-Wilshire
    Property Description
    100% vacant 5-unit building with 40-unit development potential in Koreatown priced at only 57k per buildable unit. Renovate existing 5 units to capture a huge upside to 6% Cap and 12 GRM or Redevelop to 40 apartments/condos that are selling for 600-800k per unit at 2939 Leeward Ave. The subject 9,417 SF lot is in an R4-2 zone with the benefits of TOC Tier-3 and Opportunity Zone. Build 40 units using the TOC designation or 23 units by right. There are currently 2 structures on the property, totaling 4,940 SF and 5 units that could provide cash flow during the entitlement process. Preliminary Plans call for 40 units (4 Affordable) and 33,700 SF of floor area in 6 levels of residential over 1 level of ground floor parking level and 1 level of semi-subterranean parking for a total of 31 parking spaces. The proposed unit mix includes 8 Junior 1-bedroom, 12 Larger 1-bedroom, and 20 2-Bedroom units. Walking distance to Wilshire/Vermont Metro Station (0.4 mi), Restaurants and bars in K-Town!
    Exterior Features

    Lot Features Front YardValue In LandRectangular Lot Lot Size Dimensions 60X157 Lot Size Units Square Feet Topography Flat View City Lights View YN Yes

    Property Features

    Additional Parcels YN No Country Us Senior Community YN No Special Listing Conditions Standard Usable Land Percent ... Zoning Lar4

    Listing provided courtesy of Armin Soleimani of Global Platinum Properties, Inc. and Julio Ruiz of Global Platinum Properties, Inc.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-10-20T13:30:50.623. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Anderson Real Estate Group. Licensed in the State of California, USA.

     
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    Anderson Real Estate Group
    1100 West Main Street
    Visalia CA, 93291