Price Reduced Listing
$2,400,000
 $12,884 forsale estimated payment Sourced by Back At You

1223 W Court Street , Los Angeles, CA 90026

Los Angeles, CA 90026

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Description

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

MlsP1-18664
Listing TypeFor Sale
StyleAttachd
SubtypeResale
StatusActive
Year1962
Days On Site135
Listing Provided ByKeller Williams Realty (626) 204-3300 | Roger Phillips

Features

Sq Feet5,364
Acreage0.50

Market Activity 90026

MLS Internet Data Exchange (IDX) information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the California Regional MLS.

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Listings Checked: 5 minutes ago
StateCA
CountyOther
CityLos Angeles
Zip Code90026
AreaC21 Silver Lake Echo Park
Listing VS Median (in 90026)
Price:
$2,400,000
low | high
Med:
$1,650,000
81.25% of Average
SqFt:
5,364
low | high
Med:
2,672
100% of Average
$ / SqFt:
$447
low | high
Med:
$618
11.985404191617% of Average
On Site:
135
low | high
Med:
6.000000
100% of Average
Sourced by Back At You
Listing Updated: December 5, 2024 at 4:30:54 PM PST
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