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$1,600,000
Est. payment /mo
8 Beds
6 Baths
4,722 SqFt
UPDATED:
12/05/2024 05:12 AM
Key Details
Property Type Multi-Family
Listing Status Active
Purchase Type For Sale
Square Footage 4,722 sqft
Price per Sqft $338
MLS Listing ID 24415269
Bedrooms 8
HOA Y/N No
Year Built 1946
Lot Size 0.260 Acres
Property Description
Great investment opportunity for a builder to develop, an investor to buy and hold or as an owner-occupied property. ED1 Eligible. Eligible for new CHIP ordinance that can allow additional 50% density increase and significant parking reductions (See Docs). This premier development opportunity is zoned R3-1, and located within a TOC Tier 3 designation, offers substantial incentives for increased density and reduced parking requirements. With a sizable lot and significant allowable floor area, this parcel is ideal for developers aiming to create a high-density, multifamily residential project in a thriving area of Los Angeles. Key Features include a generous Buildable Area which covers 11,343 sq. ft. with a buildable square footage of 34,029 sq. ft., providing ample space for a substantial development. With optimized density and parking efficiency you may Benefit from a 70% increase in allowable density and a 50% reduction in parking requirements, enhancing the project's feasibility and cost-effectiveness. Its strategic location offers easy access to major transportation routes and urban amenities, ensuring strong demand and sustained growth potential. All information deemed reliable but not guaranteed. Buyer and buyers agent to perform their own investigation regarding zoning, planning, lot size and build-ability of the site, to their satisfaction. Call listing agent for additional information on rent roll.
Location
State CA
County Los Angeles
Area Phht - Park Hills Heights
Zoning LAR3
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Appliance Refrigerator
Exterior
Attached Garage No
Total Parking Spaces 6
Building
Entry Level One
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 4006020029
Special Listing Condition Standard
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Listed by Shamim Khorsand Mashhadi • RE/MAX ESTATE PROPERTIES