Description

Great investment opportunity for a developer to build, an investor to buy and hold or as an owner-occupied unit. Prime development opportunity located in a desirable area of Los Angeles. Eligible for new CHIP ordinance that can allow additional 50% density increase and significant parking reductions (See Docs). Zoned R3-1-O and designated as a TOC Tier 3 site, this property offers substantial incentives for increased density and reduced parking requirements. With significant buildable area and favorable height and density allowances, this site is ideal for developers looking to create a high-density, multifamily residential project.Key Features:Ample Buildable Area: The property spans 7,048 sq. ft. with a buildable square footage of 21,144 sq. ft., providing a solid foundation for a substantial development. Optimized density and parking efficiency may include up to a 70% increase in allowable density and a 50% reduction in parking requirements, enhancing project feasibility and profitability. Situated in a dynamic and accessible part of Los Angeles, Its proximity to major transportation routes and urban amenities ensures strong demand and long-term growth potential, making it a highly attractive investment opportunity. All information provided is deemed reliable but not guaranteed. Buyer and buyers agent to perform their own investigation including but not limited to lot size, zoning and planning, building restrictions. This property is tenant occupied and as such, being sold with tenants in place. Contact listing agent for more information on current rent roll.