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    324 W 51St St

    Los Angeles, CA 90037
    • $1,095,000
    • STATUS: Active
    • ON SITE: 31 days
    • MLS #: 21-732080
    $1,095,000
    • 4
      BEDS
    • 0.13
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 3,916
      SQFT
    • $280
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1922
    County:

    School Ratings & Info

    Description

    We pleased to present a unique value-add development opportunity located at 324 West 51st Street in Los Angeles, California. The site currently consists of a fully vacant 4-unit multifamily property totaling 3,916 square feet and sits on a single parcel totaling 5,508 square feet (.13 acres) zoned LARD2 with Tier 1 TOC Bonus.The offering comes complete with RTI plans approved for 2 of the 4 existing units that permit the new investor to upgrade the units from 1 Bedroom / 1 Bath to (1) 3 Bedroom / 1 Bath, and (1) 3 Bedroom / 1.5 Bath. Identical plans have been submitted to the city for the remaining two units as well and are expected to be approved in a matter of weeks. Additionally, plans have been submitted to the city that would permit the new investor to add two (2) detached, 641.5 square foot ADUs behind the existing structure. The LID clearance is the final clearance left to pass before these plans become RTI as well. Once everything is approved, the project will be set for the Buyer to transform the property into a newly renovated 6 unit apartment with a total square footage of 5,200. The addition of the ADUs combined with the unit conversions will heavily increase the property value and allow the new investor to collect significantly higher rents than what would have been possible before.

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    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-06-14T23:42:38.517. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
    www.markwiseproperties.com/homes/117235044
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    324 W 51St St Los Angeles, CA 90037

    • Price: $1,095,000
    • Status: Active
    • MLS #: 21-732080
    4
    Beds
    0
    Baths
    0
    ½ Baths
    0.13
    Acres
    3,916
    SQFT
    $280
    $/SQFT
    1922
    Built
    Neighborhood:
    Downtown L.A.
    County:
    Los Angeles
    Area:
    Downtown L.A.
    Property Description
    We pleased to present a unique value-add development opportunity located at 324 West 51st Street in Los Angeles, California. The site currently consists of a fully vacant 4-unit multifamily property totaling 3,916 square feet and sits on a single parcel totaling 5,508 square feet (.13 acres) zoned LARD2 with Tier 1 TOC Bonus.The offering comes complete with RTI plans approved for 2 of the 4 existing units that permit the new investor to upgrade the units from 1 Bedroom / 1 Bath to (1) 3 Bedroom / 1 Bath, and (1) 3 Bedroom / 1.5 Bath. Identical plans have been submitted to the city for the remaining two units as well and are expected to be approved in a matter of weeks. Additionally, plans have been submitted to the city that would permit the new investor to add two (2) detached, 641.5 square foot ADUs behind the existing structure. The LID clearance is the final clearance left to pass before these plans become RTI as well. Once everything is approved, the project will be set for the Buyer to transform the property into a newly renovated 6 unit apartment with a total square footage of 5,200. The addition of the ADUs combined with the unit conversions will heavily increase the property value and allow the new investor to collect significantly higher rents than what would have been possible before.
    Exterior Features

    Lot Size Area 5508 Other Structures None Parking Garage None Total Parking 0

    Interior Features

    Baths Total 4.00 Cooling Other Equipment None Heating Other

    Property Features

    Assessed Total Value 492706 Gross Income 0 Gross Operating Income 0 Like Units1 2 Like Units2 2 Like Units3 2 Net Operating Income 0.00 Number Of Buildings 1 Number Of Units 4 Sale Type Standard Source Living Area Vendor Enhanced Source Lot Size Area Vendor Enhanced Total Annual Expense 0 Type Of Units Other Year Built Source Vendor Enhanced Zoning Lard2

    Listing provided courtesy of Filip Niculete DRE#01905352 of Marcus & Millichap.


    Based on information from the Combined LA/Westside Multiple Listing Service as of 2021-06-14T23:42:38.517. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
     
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    Mark Wise | Bennion Deville Homes
    71691 Highway 111
    Rancho Mirage CA, 92270