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… Read More 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. Read Less
Courtesy of Palma Investments 310-999-2035
Listing Snapshot
Days Online
11
Last Updated
Property Type
Other
Beds
8
Square Ft.
3,804
Lot Size
0.16 Acres
Year Built
1914
MLS Number
RS26124580MR
30 Days Snapshot Of 90018
$1.21M
+22%
(avg) sold price
3
-25%
homes sold
68
-44%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
3,804 sq ft, Built in 1914, "Detached/No Common Walls"
Community
"Sidewalks"
Fireplaces
"None"
Garage
4 total garage spaces, "Assigned", "Garage - 1 Car"
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