Listing by: Benjamin J. Hsiang, Realty Investment Advisors, Inc.
0 Beds
n/a Full bath
n/a SqFt
Active
We are proud to present a rare opportunity for a developer to acquire an 85-unit, seven-story development project situated in the vibrant Westlake district, just minutes away from Downtown Los Angeles. This remarkable offering encompasses three assembled lots, totaling 19,921 square feet of prime land. The proposed development spans an impressive 64,759 square feet and comprises seventy-nine (79) one-bedroom, one-bath units, as well as six (6) two-bedroom, two-bath units. Notably, the project incorporates forty-three (43) conveniently located parking spaces within the first two stories of the building, eliminating the need for subterranean parking. It's worth mentioning that the sellers have dedicated over 3 years to navigate the city approval process, and the plans are now at the advanced stage of being approximately 90% Ready to Issue (RTI) status. Furthermore, the seller has initiated an Ellis Act for the ten remaining tenants in the existing buildings, with a scheduled move-out date set for July 2024.The Westlake neighborhood, nestled in Central Los Angeles, offers a unique blend of residential and commercial living. Bordered by Silver Lake to the north, Echo Park to the northeast, Downtown to the southeast, and Pico-Union to the southwest, with Koreatown to the west, Westlake has a rich history. While it primarily developed in the 1920s, the area has seen a transformation, with many of its historic mansions now converted into apartments. Additionally, new multifamily buildings have been erected in response to the high demand for housing in this dynamic and ever-evolving part of the city.
Property Details | ||
---|---|---|
Price | $5,495,000 | |
Lot Size Area | 19921 | |
Lot Size Area Units | Square Feet | |
Acres | 0.4573 | |
Property Type | Land | |
View | None | |
Geographic Data | ||
Directions | South of 101 FWY, West of 110 FWY | |
County | Los Angeles | |
Latitude | 34.058291 | |
Longitude | -118.268876 | |
Market Area | C42 - Downtown L.A. | |
Address Information | ||
Address | 500 S Union Avenue, Los Angeles, CA 90017 | |
Postal Code | 90017 | |
City | Los Angeles | |
State | CA | |
Country | United States | |
Listing Information | ||
Listing Office | Realty Investment Advisors, Inc. | |
Listing Agent | Benjamin J. Hsiang | |
Buyer Agency Compensation | 2.000 | |
Buyer Agency Compensation Type | % | |
Compensation Disclaimer | The offer of compensation is made only to participants of the MLS where the listing is filed. | |
Special listing conditions | Standard | |
MLS Information | ||
Days on market | 149 | |
MLS Status | Active | |
Listing Date | Oct 17, 2023 | |
Listing Last Modified | Jan 19, 2024 | |
Tax ID | 5153005029 | |
MLS Area | C42 - Downtown L.A. | |
MLS # | 23322181 |
This information is believed to be accurate, but without any warranty.