NEW ASKING PRICE: $2,295,000.Development/investment opportunity for sale.Excellent location in heart of Korea town , California.For more information please contact the listing agent, Armin Soleimani arminsoleimani@gmail.com (310) 666-2246

Posted: 05/15/2020 7:43 am | On HOMEiZ: 1447 days | Updated: 3 years ago | Views: 1581 | Saved to favorites: 2

Location Map

Property Type

Property status

Sold

Property Price

Asking Price

$1950000

Last Sold Price

$1950000

Last Sold Date

12/17/2020

Total Lot Size

4,940.00 Sq. Ft.

Asking Price per Sq. Ft.

$395

Total Building Size Sq. Ft.

4940

Commission Split %

Contact listing agent%

Cap Rate %

Gross Annual Income

Net Operating Income

Gross Rent Multiplier

0.00

Operating Expenses

Annual Property Tax Rate for this property

1.25%

Property tax total amount

$24375

Property Location & Description

Listing Headline

NEW ASKING PRICE: $2,295,000.Development/investment opportunity for sale.Excellent location in heart of Korea town , California.For more information please contact the listing agent, Armin Soleimani arminsoleimani@gmail.com (310) 666-2246

Rent control

Rent Control

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.

Location Description

Walking distance to Wilshire/Vermont Metro Station (0.4 mi), Restaurants and bars in Koreatown, and just a short drive to Hollywood, DTLA, and Staples Center!

No. of Units

Price per Unit

$390000

Units Mix

No.

Description

No. Units

Sq. Ft.

Avg. Mo. Rent

Zoning

Occupancy %

Vacant

Yes

No. Stories

Year Built

1928

Overall Property Condition

Fair

Highlights

Excellent location in heart of Korea town.

23 units by right.

40 units can be built using the TOC designation.

Property Information

Sewer

Type of Sewer

Sewer System (Public)

Parking

Parking type

Off-street

On-street

Assigned Parking

# of Covered Parkings

Investment Overview

Type of use

Investor

Energy Efficiency

Energy Star Certified

How old is you cooling and heating system?

No Data

Efficiency rating

N/A

R-value

N/A

Windows single-pane?

Natural daylight

Appliances energy efficient

Roof

Neighborhood lifestyle

Lifestyle

Urban Core

More information

MLS URL of this listing to link to your own site or brokerage site

http://www.globalmajorproperties.com/author/armin/

Listing Info

Listing ID: 2288

Sold

For Sale

$1,950,000

Listing Presented by

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2834 Leeward Avenue . Mid City , CA 90005