We are pleased to present for sale a unentitled development site in the thriving, densely populated Mid-City neighborhood. Owner will carry financing with 30% down payment at 5% interest rate for 5 years. The site is zoned C2 on ±13,140 square foot lot. 3.75 FAR including TOC density bonus. Develop ±32 units as multifamily project. Other option using TOC can develop over ±50 units. See rent comparable range for new construction. 1 bedroom range from $1,600 - $1,800 & 2 bedrooms range from $2,000 - $2,500. Midtown Los Angeles offers an excellent, central location that is minutes away from key employement centers including Downtown Los Angeles, Wilshire Boulevard, Miracle Mile, Koreaown, Hollwyood, West Hollywood, Beverly Hills, and Century City. Currently operating as a 9 unit apartment building with gross income of approximately $111,900. One unit will be delivered vacant.
|Lot Square Feet||≈ 13,141|
|Area||C16 - Mid Los Angeles|
|Listing Brokerage||Keller Williams Encino-Sherman|
|Listing Agent||Anie Mayelian|
|Listing Agent BRE #||00778825|
Based on information from California Regional Multiple Listing Service, Inc. as of Tuesday, August 28, 2018.
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