Address
324 W 51St Street Los Angeles, CA
Price
$ 1,095,000
Property Attributes
  • MLS#21732080
  • TypeIncome
  • CountyLOS ANGELES
  • CityLos Angeles
  • AreaDowntown L.A.
  • Zip90037
  • Style
  • Price$ 1,095,000
  • Bedrooms16
  • Full Bathrooms6
  • Half Bathrooms0
  • Lot Size5,508 SqFt
Listing Provided Courtesy Of:
Filip Niculete with Marcus & Millichap.
Data Source:
CRMLS
Property Description

We pleased to present a unique value-add development opportunity located at 324 West 51st Street in Los Angeles, California. The site currently consists of a fully vacant 4-unit multifamily property totaling 3,916 square feet and sits on a single parcel totaling 5,508 square feet (.13 acres) zoned LARD2 with Tier 1 TOC Bonus.The offering comes complete with RTI plans approved for 2 of the 4 existing units that permit the new investor to upgrade the units from 1 Bedroom / 1 Bath to (1) 3 Bedroom / 1 Bath, and (1) 3 Bedroom / 1.5 Bath. Identical plans have been submitted to the city for the remaining two units as well and are expected to be approved in a matter of weeks. Additionally, plans have been submitted to the city that would permit the new investor to add two (2) detached, 641.5 square foot ADUs behind the existing structure. The LID clearance is the final clearance left to pass before these plans become RTI as well. Once everything is approved, the project will be set for the Buyer to transform the property into a newly renovated 6 unit apartment with a total square footage of 5,200. The addition of the ADUs combined with the unit conversions will heavily increase the property value and allow the new investor to collect significantly higher rents than what would have been possible before.

Price History
5/14/2021 Listed $1,095,000

General Features

Listing Agent Filip Niculete - BRE#01905352
Listing Agent State License 01905352
MLS Area C42 - Downtown L.A.
Parking Features None
Property Type Residential Income
Special Listing Conditions Standard
Total Units 4
Zoning LARD2

Exterior Features

Lot Size Acres 0.12
Lot Size Area 5508
Lot Size Square Feet 5508
Lot Size Units Square Feet
Number of Buildings 1

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Income Average in 90037

Price
AVG $1.05M
$1.1M
Visits
AVG 54
9
Year Built
AVG 1927
1922
Walkscore
AVG 77
75
Data Provided by Walkscore ® not using MLS data

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