Exceptional opportunity in the heart of Koreatown! Located within a designated Opportunity Zone and benefiting from R4-2 zoning with TOC Tier 3 incentives, 2961 W 8th Street offers investors and developers significant upside in one of Los Angeles' most active rental and redevelopment markets. The property features an approximately 3,000… Read More SF, 6-bedroom, 2-bathroom residence situated on a 5,990 SF lot. The existing home offers significant square footage and multiple possibilities for renovation, repositioning, multi-generational living, rental income, or interim cash flow while planning future development. A major highlight of the offering is the inclusion of RTI (Ready-to-Issue) plans for a 100% affordable 44-unit apartment development consisting of 43 one-bedroom units and 1 studio unit. Offered at approximately $28,500 per approved unit, the property presents a rare opportunity for developers to immediately move forward with a fully approved project in one of Los Angeles' strongest rental markets. Alternatively, buyers may capitalize on the existing residence through renovation, rental income, ADU expansion potential (buyer to verify), or other value-add redevelopment strategies. Ideally located on the highly visible 8th Street corridor between Vermont Avenue and Westmoreland Avenue, the property is just blocks from Wilshire/Vermont Metro Station, Zion Market, and countless dining, retail, and entertainment options. With a Walk Score of 96 and convenient access to Downtown LA, USC, and major employment centers, the location is second to none. Delivered VACANT at the close of escrow and sold AS-IS. Buyer to verify all zoning, development potential, RTI approvals, ADU potential, and property information. Read Less
Courtesy of Keller Williams Beverly Hills 310-432-6400
Listing Snapshot
Days Online
90
Last Updated
Property Type
Single Family Residence
Beds
6
Full Baths
2
Square Ft.
3,001
Lot Size
0.14 Acres
Year Built
1914
MLS Number
26845909
Additional Details
Appliances & Equipment
Other
Building
3,001 sq ft, Built in 1914, Levels: Two Level, Detached/No Common Walls, Craftsman
Cooling
Other
Disclosures
As Is
Fireplaces
None
Floors
Mixed
Garage
Driveway
Heating
Other
Laundry
Inside
Lot
LotAcreage: 0.1375, LotSizeArea: 5,990
Parking
TotalParking: 0
Pool
None
Property
OtherStructures: None, PropertySubType: Single Family Residence, ViewDescription: None, Zoning: LAR4
Spa
None
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