Description

The current ownership has owned the subject property since 1987. Currently the property is occupied by three (3) tenants & one (1) billboard lease. All the current tenants are on a Month-To-Month lease term. Current annual rental income is estimated to be $53,084.00.
Seller financing is available only requiring a $518,000.00 down payment, 5 -year loan term (Interest-Only), the current interest rates between 3.9% for qualified Owner-user Buyers.
3009 Wabash Avenue is opportunity to purchase a multi-tenant street retail/commercial single-story building that consist of 3,850+/- square feet located on a lot size of 9,338+/- square feet of semi-improved land zoned “C2” Commercial Zone, with 70 linear feet along Wabash Ave. C2 zoning provides a wide range of uses, for example any use permitted in the C1.5, C1 and CR, Carpenter, plumbing or sheet metal shop, Catering shop, Interior decorating or upholstering shop and Restaurant.
Retail Repositioning Opportunity: With the potential to construct up to 25 residential units, there is a significant opportunity for retail repositioning. According to the Los Angeles City Planning guidelines, projects considering an affordable housing component can benefit from several incentives allowing for an increase in density without requiring a zone change or a variance. These incentives include the TOC program or the State Density Bonus Program. Under the TOC program, 100% Affordable Housing Projects can potentially elevate their Tier designation. For instance, instead of its current Tier 1 designation, this property might qualify for Tier 2. According to TOC Guidelines, the Tier 2 increase in density could reach up to 40%.
Don’t let this exceptional investment opportunity slip away. Contact us today to explore the potential of this prime commercial property.
Location Overview
Located just minutes from Downtown L.A., Little Tokyo, and the Arts District, 3009 Wabash Ave, Los Angeles, CA 90063 is situated on a nearly 9,338 SF lot with C2-1-CUGU, Tier 1 T.O.C. Zoning, offering the
possibility of future development. The offering benefits from ample parking, a 94 Walk Score, over 8,494 cars passing by daily, and is situated in the high-density rental market of Boyle Heights.