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    2834 W Leeward Ave

    Los Angeles, CA 90005
    • $2,295,000
    • STATUS: Active
    • ON SITE: 19 days
    • ID#: 20-642428
    UPDATED: 49 min ago
    $2,295,000
    • 0
      BEDS
    • 0.22
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Neighborhood:
    Type:
    Vacant Land / Lots
    County:
    Area:

    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 the Combined LA/Westside Multiple Listing Service as of 2020-10-26T13:42:50.293. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
    www.alwaysyourrealtor.com/homes/110728320
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    2834 W Leeward Ave Los Angeles, CA 90005

    • Price: $2,295,000
    • Status: Active
    • Updated: 49 min ago
    • ID#: 20-642428
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.22
    Acres
    Neighborhood:
    Mid-Wilshire
    County:
    Los Angeles
    Area:
    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

    Horse YN No Lot Description Fenced YardFront YardValue In LandRedevelopment AreaTear Down On LotStreet PavedLot Shape-RectangularLot-Level/Flat Lot Location CityFlats Lot Size Area 9417 Road Frontage 60' Topography Flat View Description City View YN Yes Water Frontage None

    Property Features

    Cable YN Yes Electric On Site Gas In StreetOn SitePaid Potential Usage 40 Units Can Be Built Using The Toc Designation And 23 Units By Right. Preliminary Plans Call For 40 Units (4 Affordable) And 33700 Sf Of Floor Area Present Use 5 Unit Residential income Sale Type Standard Sewer In Connected And Paid Site Description City Source Lot Size Area Vendor Enhanced Source Lot Size Dimensions Vendor Enhanced Street Lights YN True Water District Zoning Lar4

    Listing provided courtesy of Armin Soleimani DRE#01846872 of Global Platinum Properties, Inc..


    Based on information from the Combined LA/Westside Multiple Listing Service as of 2020-10-26T13:42:50.293. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
     
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