We are pleased to present a ten (10) unit multifamily redevelopment opportunity located in Los Angeles, California. The subject properties are in a solid South Los Angeles location, east of USC and south of E Adams Boulevard. Built in 1911 and 1913 respectively, this property is a double-lot multifamily property consisting of ten (10) one-bedroom / one-bathroom units total; six (6) standard sized units in the corner lot and four (4) larger units in the adjacent lot. The back of the property features fully parked on-site parking. The property is a very ideal value-add opportunity, priced at 5.48 pro forma GRM and 13.86% pro forma cap rate. This double-lot is situated on a hard signalized corner and is zoned LAR3-1 with 12,550 SF of combined land. This allows for the development of fifteen (15) units by-right, or twenty-four (24) units utilizing tier 1 TOC benefits. The zoning allows for 45' max height and an FAR of 3:1. With TOC, a developer can be granted incentives to build 56' max height and a 4.2:1 FAR. Tenants will enjoy living in close proximity to the University of Southern California (USC) along with its collegiate amenities. The strength of this area is demonstrated by CityView, a development firm that just completed their latest mixed-use complex featuring 296-units with ground floor retail just a few blocks from the subject property on the corner of Adams Boulevard and Grand Avenue. Situated in a solid South Los Angeles location, this offering presents an excellent opportunity for any investor to capitalize on either capturing rental upside or developing up to twenty-four (24) units in a strong rental market adjacent to USC at an attractive basis.

Listed By CRMLS_CA / Jason Tuvia / Marcus & Millichap

Last checked: Checking… • Last updated Nov 29, 2023 • Source: CRMLS_CA

MLS# 23309901 — Report a problem