54-unit Development Project
5 Unit Apartment Building | $3,990,000 ($798,000/Unit) | Los Angeles, CA 90006
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $3,990,000
- Sale Condition
- Build to Suit
- Property Type
-
Multifamily
- Square Feet
- 13,524 SF
Listing Contacts
Julius Chung
Verified Profile
Jina Chon
Verified Profile
- Property Info
Property Overview
SELLER WILL ENTERTAIN ANY REASONABLE OFFER!
Take a part of the ever growing Koreatown rental market! We are pleased to showcase this exceptional opportunity to become either an Investor or a Developer. Encompass of 2 lots totaling 13,534 square feet of prime Koreatown land.
OPTION # 1 : For THE INVESTORS in search of an opportunity to expand their real estate portfolio, we offer the buyers the ability to immediately renovate, design, and lease the existing 8 units (1 studio, 5 of 1 bed & 1 bath units and 2 of 2 bed & 1 bath units) and Single Family Home with a detached garage that can be converted to an ADU for extra income. PROFORMA MONTHLY RENTAL INCOME: Studio $1,700 * 1bed + 1 bath $2,200 * 2 bed + 1bath $2,800 * SFR $7,500 + $2,500 for Possible ADU. In exchange, the property is forecasted to attain a 5.11% cap rate, $339,600 GRI and 14.66% GRM post-renovation. Delivered 100% Vacant.
OPNTION # 2 : For THE DEVELOPERS, the Property will be delivered with RTI Permits to acquire a 54-unit, seven-story development project with RTI(Ready to Issue) plans. The proposed development spans an impressive 40,000 square feet and comprises 54 units, R4-1 Zoning, TOC Tier 3. Delivered 100 % Vacant. Completed project incorporates fifty (50) conveniently located parking spaces, including fifteen (15) EV parking spaces. Out of the proposed units, forty-eight (48) will be market-rate, while six (6) will be designated as low-income affordable units.
Take a part of the ever growing Koreatown rental market! We are pleased to showcase this exceptional opportunity to become either an Investor or a Developer. Encompass of 2 lots totaling 13,534 square feet of prime Koreatown land.
OPTION # 1 : For THE INVESTORS in search of an opportunity to expand their real estate portfolio, we offer the buyers the ability to immediately renovate, design, and lease the existing 8 units (1 studio, 5 of 1 bed & 1 bath units and 2 of 2 bed & 1 bath units) and Single Family Home with a detached garage that can be converted to an ADU for extra income. PROFORMA MONTHLY RENTAL INCOME: Studio $1,700 * 1bed + 1 bath $2,200 * 2 bed + 1bath $2,800 * SFR $7,500 + $2,500 for Possible ADU. In exchange, the property is forecasted to attain a 5.11% cap rate, $339,600 GRI and 14.66% GRM post-renovation. Delivered 100% Vacant.
OPNTION # 2 : For THE DEVELOPERS, the Property will be delivered with RTI Permits to acquire a 54-unit, seven-story development project with RTI(Ready to Issue) plans. The proposed development spans an impressive 40,000 square feet and comprises 54 units, R4-1 Zoning, TOC Tier 3. Delivered 100 % Vacant. Completed project incorporates fifty (50) conveniently located parking spaces, including fifteen (15) EV parking spaces. Out of the proposed units, forty-eight (48) will be market-rate, while six (6) will be designated as low-income affordable units.
Property Details
- Class
- A
- Year Built
- 2026
- Stories
- 7
- Lot Size (sq. ft)
- 13,504 SF
- Units
- 5
Highlights
- 54-unit development project with RTI.
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