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$ 3,550,000
Est. payment | /mo
16 Beds
16 Baths
8,840 SqFt
$ 3,550,000
Est. payment | /mo
16 Beds
16 Baths
8,840 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 8,840 sqft
Price per Sqft $401
MLS Listing ID 25591597
Bedrooms 16
HOA Y/N No
Year Built 1953
Lot Size 0.431 Acres
Property Description
Great value-add or development opportunity in a prime West Los Angeles location. Current rents are approximately 36% below market, offering immediate upside through repositioning. Alternatively, the property serves as a strong interim hold for a covered land play with significant future redevelopment potential. The existing improvements consist of two twin 8-unit apartment buildings (16 units total) built around a landscaped courtyard. Each building contains approximately 4,420 SF (8,840 SF combined), primarily comprised of smaller one-bed/one-bath units averaging 556 SF. The property sits on an oversized 18,783 SF lot with 16 open parking spaces, with room for additional parking spaces or other options. Priced at $213/SF for the land, this Property is zoned [Q] LAR3-1-O, Tier 3. This site allows for density with bonus to support the development of up to 48 units with a 4.5:1 FAR, which would allow approximately 84,500 buildable square feet. A new 6- to 7-story development could be built, with flexibility to allocate additional square footage for ADUs, amenities, or community rooms.
Location
State CA
County Los Angeles
Area C13 - Palms - Mar Vista
Zoning LAR3
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Exterior
Parking Features Side By Side
Pool None
Total Parking Spaces 16
Private Pool No
Building
Story 2
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Others
Senior Community No
Tax ID 4252008032
Special Listing Condition Standard
Listed by D. Timothy Byrne Compass
22502 Avenida Empresa, Rancho Santa Margarita, California, 92688, USA
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