Existing 4-Unit + Approved Plans for 4 New ADUs - Rare RTI Development Opportunity pending final approval - The proposed new construction consists of four spacious 3-bedroom 2-bathroom perfectly positioned for functionality of the corner-lot layout. Close escrow and begin construction immediately upon RTI approval. The existing apartment… Read More building features four large 2-bedroom, 1-bath units approximately 950 SF each. Each unit includes interior washer/dryer hookups, separate water heaters, and individually metered gas and electrical service. Upper units feature private balconies. These units are fully occupied. Collect rent while doing construction Recent property improvements include: New roof, Exterior paint, Lead abatement completed for all units, Partial interior paint updates. The existing detached 4-car garages are ready for demolition, making way for the new ADU development. This is an ideal opportunity for developers, investors, or buyers seeking significant upside potential and long-term equity growth. This 8 unit apartment will be worth more than $2.5M with huge cash flow opportunity and equity . Current tenants are long-term occupants with below-market rents, offering immediate income while completing the development and helping offset holding costs during construction. You don't see this too often . Situated on a 7,000 SF corner lot in a prime central Los Angeles location with quick freeway access and just minutes from Downtown LA. Excellent opportunity to reposition and maximize value in a rapidly growing area. PLEASE DO NOT DISTURB TENANTS. Read Less
Property listed by Palma Investments, Reginald McKizzie [email protected]
Listing Snapshot
Days Online
11
Last Updated
Property Type
Quadruplex
Lot Size
0.16 Acres
Year Built
1914
MLS Number
RS26124580
Additional Details
Building
Built in 1914, 1 building, 2 stories, Entry level: 1, Entry location: 3RD AVE
Community
Sidewalks
Fireplaces
None
Garage
4 spaces
Home Owner's Association
Association Fee: $0
Income
Gross ScheduledIncome: $52,500, Net Operating Income: $52,500
Laundry
WasherHookup, Inside
Lot
0.1607 acres, ZeroToOneUnitAcre, Yard
Parking
4 total parking spaces, Assigned, DoorSingle, Garage
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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