Description
We are pleased to present a ten (10) unit multifamily redevelopment opportunity located in Los Angeles, California. The subject properties are in a solid South Los Angeles location, east of USC and south of E Adams Boulevard. Built in 1911 and 1913 respectively, this property is a double-lot multifamily property consisting of ten (10) one-bedroom / one-bathroom units total; six (6) standard sized units in the corner lot and four (4) larger units in the adjacent lot. The back of the property features fully parked on-site parking. The property is a very ideal value-add opportunity, priced at 7.46 pro forma GRM and 9.88% pro forma cap rate. This double-lot is situated on a hard signalized corner and is zoned LAR3-1 with 12,550 SF of combined land. This allows for the development of fifteen (15) units by-right, or twenty-four (24) units utilizing tier 1 TOC benefits. The zoning allows for 45' max height and an FAR of 3:1. With TOC, a developer can be granted incentives to build 56' max height and a 4.2:1 FAR. Tenants will enjoy living in close proximity to the University of Southern California (USC) along with its collegiate amenities. The strength of this area is demonstrated by CityView, a development firm that just completed their latest mixed-use complex featuring 296-units with ground floor retail just a few blocks from the subject property on the corner of Adams Boulevard and Grand Avenue. Situated in a solid South Los Angeles location, this offering presents an excellent opportunity for any investor to capitalize on either capturing rental upside or developing up to twenty-four (24) units in a strong rental market adjacent to USC at an attractive basis.
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10BEDS
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0.29ACRES
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0BATHS
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01/2 BATHS
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7,316SQFT
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$232$/SQFT
School Ratings & Info
Description
We are pleased to present a ten (10) unit multifamily redevelopment opportunity located in Los Angeles, California. The subject properties are in a solid South Los Angeles location, east of USC and south of E Adams Boulevard. Built in 1911 and 1913 respectively, this property is a double-lot multifamily property consisting of ten (10) one-bedroom / one-bathroom units total; six (6) standard sized units in the corner lot and four (4) larger units in the adjacent lot. The back of the property features fully parked on-site parking. The property is a very ideal value-add opportunity, priced at 7.46 pro forma GRM and 9.88% pro forma cap rate. This double-lot is situated on a hard signalized corner and is zoned LAR3-1 with 12,550 SF of combined land. This allows for the development of fifteen (15) units by-right, or twenty-four (24) units utilizing tier 1 TOC benefits. The zoning allows for 45' max height and an FAR of 3:1. With TOC, a developer can be granted incentives to build 56' max height and a 4.2:1 FAR. Tenants will enjoy living in close proximity to the University of Southern California (USC) along with its collegiate amenities. The strength of this area is demonstrated by CityView, a development firm that just completed their latest mixed-use complex featuring 296-units with ground floor retail just a few blocks from the subject property on the corner of Adams Boulevard and Grand Avenue. Situated in a solid South Los Angeles location, this offering presents an excellent opportunity for any investor to capitalize on either capturing rental upside or developing up to twenty-four (24) units in a strong rental market adjacent to USC at an attractive basis.
Based on information from California Regional Multiple Listing Service, Inc. as of 2023-09-24T00:28:43.64. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Romero Home Team | eXp Realty. Licensed in the State of California, USA.