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In-PersonVirtual Tour
$ 1,299,000
Est. payment | /mo
8 Beds
4 Baths
7,000 Sqft Lot
$ 1,299,000
Est. payment | /mo
8 Beds
4 Baths
7,000 Sqft Lot
Open House
Tue Jun 09, 2:00pm - 4:00pm
Key Details
Property Type Multi-Family
Sub Type Res Income 2-4 Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID RS26124580
Bedrooms 8
Lot Size 7,000 Sqft
Property Sub-Type Res Income 2-4 Units
Property Description
Existing 4-Unit + Approved Plans for 4 New ADUs - Rare RTI Development Opportunity pending final approval - The proposed new construction consists of four spacious 3-bedroom 2-bathroom perfectly positioned for functionality of the corner-lot layout. Close escrow and begin construction immediately upon RTI approval. The existing apartment building features four large 2-bedroom, 1-bath units approximately 950 SF each. Each unit includes interior washer/dryer hookups, separate water heaters, and individually metered gas and electrical service. Upper units feature private balconies. These units are fully occupied. Collect rent while doing construction Recent property improvements include: New roof, Exterior paint, Lead abatement completed for all units, Partial interior paint updates. The existing detached 4-car garages are ready for demolition, making way for the new ADU development. This is an ideal opportunity for developers, investors, or buyers seeking significant upside potential and long-term equity growth. This 8 unit apartment will be worth more than $2.5M with huge cash flow opportunity and equity . Current tenants are long-term occupants with below-market rents, offering immediate income while completing the development and helping offset holding costs during construction. You don't see this too often . Situated on a 7,000 SF corner lot in a prime central Los Angeles location with quick freeway access and just minutes from Downtown LA. Excellent opportunity to reposition and maximize value in a rapidly growing area. PLEASE DO NOT DISTURB TENANTS.
Location
State CA
County Los Angeles
Zoning Assessor
Direction Exit 10 Fwy Make a Right onto Arlington, Left on to 3rd Ave. Destination on Left
Interior
Fireplace No
Exterior
View Y/N No
Building
Story 2
Level or Stories 2
Others
Senior Community No
Tax ID 5060028001
Acceptable Financing Conventional, Exchange
Listing Terms Conventional, Exchange
Listed by Reginald McKizzie, DRE#01964289 Palma Investments
Nearby Locations
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