PRICE REDUCED BY $300,000 | VACANT UNITS
3 Unit Apartment Building | $1,350,000 ($450,000/Unit) | 5.04% Cap Rate | Los Angeles, CA 90026
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $1,350,000
- Property Type
-
Multifamily
- Square Feet
- 1,943 SF
Listing Contacts
Tim Steuernol
Verified Profile
- Property Info
Property Overview
3 VACANT BUNGALOW UNITS - PRICE REDUCED BY $300,000 - 1762 Glendale Blvd is a multifamily property located in the sub-market of Echo Park in city of Los Angeles. Constructed in 1914, the three detached bungalow style units total 1,943 square feet. The buildings are situated on 7,475 square foot lot, zoned LAC2,with parking for (2-3) cars. This strategically positioned commercially zoned lot offers an incredible opportunity for an investor, developer, or owner/user seeking a prime location in one of the most sought-after neighborhoods in Los Angeles. The property offers multiple strategies to add-value. From remodeling the existing vacant bungalow units with potential to build (2) detached 1,200 +/- square foot ADU’s and (1) potential basement conversion to an ADU, to redeveloping the site for multifamily, mixed-use, or affordable housing. A developer has potential to build (18) units on the site by-right or develop a 100% affordable housing project under Executive Directive 1 (ED-1) with unlimited density.
Property Details
- Year Built
- 1914
- Stories
- 1
- Lot Size (sq. ft)
- 7,405 SF
- Units
- 3
Highlights
- 3 Vacant Detached Bungalow Units in Echo Park at 5% Cap Rate
- Pro-Forma Cap Rate of 8% +/- with Budget for Unit Remodel and ADU Construction
- C-2 Lot Buildable to 18 Units by-Right
- Potential to Add 3 ADU's
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