We are pleased to present a 5,826 square foot rare development opportunity in Mid-Wilshire, Los Angeles. Located at 432 North Normandie Avenue, the property sits on a residential neighborhood adjacent to single-family homes and other multifamily properties. Tenants enjoy proximity to the 101 Freeway, and access to amenities on Santa Monica Boulevard, as well as Wilshire Boulevard. Currently the lot features a cash flowing duplex. The property has LAR3-1 zoning which allows for multifamily, and residential developments. This particular zoning has no Q Conditions. The unentitled offering has a potential to allow for a development of 7 units by right, and 12 units with the Tier 3 Transit-Oriented Community (TOC) density bonus. Seller has agreed to carry paper at an interest rate of 3.75%. The property presents an exciting opportunity for any investor to develop in the Mid-Wilshire market while benefiting from LAR3 Zoning in a Tier 3 TOC.
|Lot Square Feet||≈ 5,827|
|Area||C17 - Mid-Wilshire|
|Status||Active Under Contract|
|Listing Brokerage||Marcus & Millichap|
|Listing Agent||Jason Tuvia|
|Listing Agent BRE #||01772495|
Based on information from California Regional Multiple Listing Service, Inc. as of Friday, September 14, 2018.
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