Description

REO. This property has gone back to the lender and must be sold. Seller may be willing to carry with sizeable down payment. Gutted 2,000 sqft building on large 7,020 sqft (45 X 156) street-to-alley corner lot at the SEC corner of Main and E 109th Place. Fantastic redevelopment opportunity located directly in the path of growth and redevelopment! 20 units going up 3 doors north, 19 units finishing up three blocks south at SWC of 112th & Main on a smaller corner lot. Zoned C2, which should also allow for R4 uses but Buyer/Buyer’s agent to independently verify with all necessary City of LA agencies. See Supplements for ZIMAS reports with aerial, and Generalized Summary of Zoning Regulations, Use and Development Standards for more info. Appears to be in the Southeast LA CPIO District / Subarea C corridor, which may provide for Density Bonuses for a higher number of housing units to be built. BEST location on Main Street and 2 blocks from 108th St. police station (Southeast Community Station), 1 block from Fire Dept. May have previously been used for retail, a welding shop, and a church. Utilities do not appear operable and Seller will not establish any utility services during its ownership as it is their intent to sell this as a land value deal. Tons of parking with access from both E. 109th Place and the alley. Looks like you could fit 15-20 cars in back. Only access into the building itself is at the rear as its entrance on Main Street was sealed off, making it super secure if someone wants to start a business there in the existing structure. Last sold 2 yrs ago for $850k. Seller will also consider a lease, call listing agent for details.