Description
We are pleased to offer an excellent opportunity to purchase a value-add 5-unit apartment building in the fast-growing South LA submarket of Los Angeles. The property features five one-bedroom units, each with one-bath, on a large 6,751 square foot parcel zoned LARD1.5 TOC Tier 3. There are currently two vacant units at the property with an approximately 70% upside value in rents. The property is zoned LARD1.5 which allows for one small lot subdivision for every 1,500 square feet of land and then a 70% density bonus given the site sits in a TOC Tier 3 zone. So potentially a developer can build 7-8 small lot homes here. Excellent location in the heart of the South Figueroa Corridor just one block south of Exposition Park which includes BMO Stadium, the LA Memorial Coliseum, the California Science Center and the Natural History Museum of Los Angeles County. The University of Southern California is one mile north of the property. Easy access to the 110 Freeway brings you to downtown Los Angeles and beyond. This is a full-authority probate sale, not subject to court confirmation at this time. Per the estate's instructions, all offers will be reviewed on a shared day and time. Seller will prioritize offers that have no contingencies with the ability to close escrow quickly. First showing: Thursday 9/7 from 1-3:00 PM. Second showing: Sunday 09/10 from 1-3:00 PM. Third showing: 09/12 from 11:00 AM -1:00 PM. Offers due: Friday 09/15 by 1:00 PM
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5BEDS
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0.16ACRES
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0BATHS
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01/2 BATHS
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2,200SQFT
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$316$/SQFT
School Ratings & Info
Description
We are pleased to offer an excellent opportunity to purchase a value-add 5-unit apartment building in the fast-growing South LA submarket of Los Angeles. The property features five one-bedroom units, each with one-bath, on a large 6,751 square foot parcel zoned LARD1.5 TOC Tier 3. There are currently two vacant units at the property with an approximately 70% upside value in rents. The property is zoned LARD1.5 which allows for one small lot subdivision for every 1,500 square feet of land and then a 70% density bonus given the site sits in a TOC Tier 3 zone. So potentially a developer can build 7-8 small lot homes here. Excellent location in the heart of the South Figueroa Corridor just one block south of Exposition Park which includes BMO Stadium, the LA Memorial Coliseum, the California Science Center and the Natural History Museum of Los Angeles County. The University of Southern California is one mile north of the property. Easy access to the 110 Freeway brings you to downtown Los Angeles and beyond. This is a full-authority probate sale, not subject to court confirmation at this time. Per the estate's instructions, all offers will be reviewed on a shared day and time. Seller will prioritize offers that have no contingencies with the ability to close escrow quickly. First showing: Thursday 9/7 from 1-3:00 PM. Second showing: Sunday 09/10 from 1-3:00 PM. Third showing: 09/12 from 11:00 AM -1:00 PM. Offers due: Friday 09/15 by 1:00 PM
Based on information from California Regional Multiple Listing Service, Inc. as of 2023-09-27T00:28:26.593. 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 The Zia Group | eXp Realty. Licensed in the State of California, USA.