Description
Maher Probate Realty is pleased to offer an excellent opportunity to purchase a value-add 5-unit apartment building in the fast-growing South LA submarket of Los Angeles. The property features five one-bedroom units, each with one-bath, on a large 6,751 square foot parcel zoned LARD1.5 TOC Tier 3.
There are currently two vacant units at the property with an approximately 70% upside value in rents.
The property is zoned LARD1.5 which allows for one small lot subdivision for every 1,500 square feet of land and then a 70% density bonus given the site sits in a TOC Tier 3 zone. So potentially a developer can build 7-8 small lot homes here.
Excellent location in the heart of the South Figueroa Corridor just one block south of Exposition Park which includes BMO Stadium, the LA Memorial Coliseum, the California Science Center and the Natural History Museum of Los Angeles County. The University of Southern California is one mile north of the property. Easy access to the 110 Freeway brings you to downtown Los Angeles and beyond.
This is a full-authority probate sale, not subject to court confirmation at this time. Per the estate’s instructions, all offers will be reviewed on a shared day and time. Seller will prioritize offers that have no contingencies with the ability to close escrow quickly.
Property Details:
- Land Area Sq.Ft.: 6,751
- Building Sq.Ft.: 2,200
- Zoning: LARD1.5 TOC Tier 3
- Potential Units: 7-8 Small Lot Homes
- Number of Units: 5
- Number of Vacant Units: 2
- Unit Type: 1 Bedroom, 1 Bathroom
- APN: 5019-023-005
Showing Schedule:
- First showing: Thursday 9/7 from 1:00-3:00 PM
- Second showing: Sunday 9/10 from 1:00-3:00 PM
- Third showing: Tuesday 9/12 from 11:00 AM to 1:00 PM
- Offers due: Friday 09/15 by 1:00 PM.
