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$1,195,000
Est. payment /mo
7,422 Sqft Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 25508479
HOA Y/N No
Lot Size 7,422 Sqft
Property Description
**"Prime development opportunity in Los Angeles! This versatile R3-1 TOC Tier 2 lot offers multiple lucrative possibilities for investors and developers. Choose to build 10 townhomes with 10 ADUs under SB684 for individual resale, or utilize the (RTI) ED1 project to develop 17 affordable housing units. The approved Type VA construction plan features a three-story, 12,915 sqft building with no parking requirement, ensuring a low-cost build estimated at $2,100,000. The project offers a great unit mix9 two-bedroom and 8 one-bedroom unitswith a proforma monthly rent of $34,069 ($408,828 annually), leading to an estimated property value of $5,682,000 with a GRM of 13.9, and a potential $2,000,000 profit margin.Additional space is available for a leasing/management office or ADU, adding further value. Ideally located minutes away from Noble Ave Early Education Center, Nobel Ave Elementary School, Vista Middle School, Panorama High School, Walmart, and Mission Community Hospital, this property offers residents convenience and accessibility. With strong demand for affordable housing in Los Angeles and city incentives enhancing investment potential, this project presents a rare opportunity to contribute positively to the community while securing significant returns. No demolition fees required! Start construction immediately and capitalize on this high-potential, priced-to-sell offering!"**
Location
State CA
County Los Angeles
Area Pc - Panorama City
Zoning LAR3
Interior
Fireplace No
Exterior
View Y/N Yes
View City Lights
Building
New Construction No
Others
Senior Community No
Tax ID 2209005003
Special Listing Condition Standard
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Listed by Eliza Kerndian • Keller Williams Beverly Hills
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Devin McNichol & Aaron Bernbach
Agent | License ID: 02038322
Agent License ID: 02038322