Description

PLEASE DO NOT DISTURB OCCUPANTS .... Delivered 100% VACANT, this 5-unit property in Korea-town offers immediate income potential and future redevelopment upside. The mix includes three 1-bed/1-bath units with shared laundry ON SITE , one 3-bed/1-bath, and one 2-bed/1-bath with potential to reconfigure into a 4-bed/2-bath. An attached garage and ample surface parking that add to tenant appeal. Separately metered and impeccably maintained this property is a trophy property looking for its next owner. Rough Proforma renovated rents—1-bed units projected at $2,400, the 2-bed at $2,700, and the 3-bed at $3,900—the property generates an estimated $165,600 annually ($13,800/month) Offering the possibility of increasing the rental return by reconfiguring the 2/1 into a 4/2 . For long-term investors or developers, the LAR4 zoning and proximity to major transit may qualify the property for Tier 3 TOC incentives (buyer to verify). LA’s TOC program has been shown to improve feasibility by reducing approval risk, and the city’s new Citywide Housing Incentive Program (CHIP) adds streamlined procedures and incentives when affordability is provided on future developments (buyer to verify specifics with Planning) Preliminary review suggests potential for approx. 20- 27 units with up to 19,500 buildable SF (buyer to verify). 6,500 SF LAR4 lot typically supports after TOC rounding rules, with parking as low as 0.5/unit and potential open-space/yard concessions. Conceptual proforma rents for a unit mix of 1-, 2-, and 3-bedroom apartments could reach $800,000+ gross annual income, depending on design and market conditions. Once this 27-unit building is built, leased, and running normally, it could be worth $10–11M in today’s market conditions assuming a cap rate of 4.5-5.0% .... or an owner-occupant, this property also offers the ability to live in one of the spacious units while collecting strong rental income from the others—helping offset your mortgage while enjoying one of LA’s most vibrant, commuter-friendly neighborhoods near the Wilshire Corridor, USC, and Koreatown’s dining and nightlife. ( some of the photos have been AI enhanced) Offered at $1,695,000, this site presents strong potential for developers or long-term investors. Buyer to conduct and rely solely on their own due diligence; seller and broker make no guarantees or representations

Facts

| Built in 1922 | Lot Size: 6502.00 sqft | HOA Dues: $0/month

Features

Ceiling Fan(s),Copper Plumbing Full,Crown Molding,High Ceilings,Open Floorplan,Tile Counters