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1204 W Florence Ave

Los Angeles, CA 90044
  • $2,300,000
  • STATUS: Active
  • ON SITE: 199 Days
  • ID#: 22-136675
UPDATED: 9 min ago
$2,300,000
  • 0
    BEDS
  • 0.22
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Vacant Land / Lots
County:

School Ratings & Info

Description

We are pleased to present 1204-1206 West Florence Avenue, a double-lot development site located in the Southeastern pocket of Los Angeles, CA. The Offering consists of 9,595 square feet of land (.22 acres), zoned LAC2, and will be delivered with fully approved RTI (Ready-to-Issue) plans to build a 6-story, 27-unit apartment building, atop one level of on-grade parking. The project will also boast a very attractive unit mix of eleven 1 Bedroom / 1 Bathroom units, and sixteen 2 Bedroom / 1 Bathroom units. The approved housing covenant allows 24 units to be rented at market rent and 3 units to be rented at the affordable housing rate in line with "Very Low-Income" earning tenants.Using typical value metrics that we're seeing in the market, we have projected the finished value of the property to fall somewhere between $10,000,000 and $10,500,000, with a possibility of eclipsing those figures depending how positively the market reacts over the next couple of years during construction.The Offering is well-located along Florence Avenue, a main thoroughfare, roughly one block West of Vermont Avenue. The area is undergoing major revitalization filled with exciting new openings such as the Banc of California Stadium, and the massive $1 Billion Lucas Museum of Narrative Art.With a sound strategy and the proper approach, this project will prove to be a big-time money-maker for the investor willing to take this on.

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Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-10-01T12:43:12.817. 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.realestatetoolbox.com/homes/126736877
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1204 W Florence Ave Los Angeles, CA 90044

  • Price: $2,300,000
  • Status: Active
  • On Site: 199 Days
  • Updated: 9 min ago
  • ID#: 22-136675
0
Beds
0
Baths
0
½ Baths
0.22
Acres
Neighborhood:
Metropolitan Southwest
County:
Los Angeles
Area:
Metropolitan Southwest
Property Description
We are pleased to present 1204-1206 West Florence Avenue, a double-lot development site located in the Southeastern pocket of Los Angeles, CA. The Offering consists of 9,595 square feet of land (.22 acres), zoned LAC2, and will be delivered with fully approved RTI (Ready-to-Issue) plans to build a 6-story, 27-unit apartment building, atop one level of on-grade parking. The project will also boast a very attractive unit mix of eleven 1 Bedroom / 1 Bathroom units, and sixteen 2 Bedroom / 1 Bathroom units. The approved housing covenant allows 24 units to be rented at market rent and 3 units to be rented at the affordable housing rate in line with "Very Low-Income" earning tenants.Using typical value metrics that we're seeing in the market, we have projected the finished value of the property to fall somewhere between $10,000,000 and $10,500,000, with a possibility of eclipsing those figures depending how positively the market reacts over the next couple of years during construction.The Offering is well-located along Florence Avenue, a main thoroughfare, roughly one block West of Vermont Avenue. The area is undergoing major revitalization filled with exciting new openings such as the Banc of California Stadium, and the massive $1 Billion Lucas Museum of Narrative Art.With a sound strategy and the proper approach, this project will prove to be a big-time money-maker for the investor willing to take this on.
Exterior Features

Lot Size Area 9593 View Description None View YN No

Property Features

Cable YN Yes Sale Type Standard Source Lot Size Area Other Zoning Lac2

Listing provided courtesy of Filip Niculete DRE#01905352 of Marcus & Millichap: 818-212-2700.


Based on information from the Combined LA/Westside Multiple Listing Service as of 2022-10-01T12:43:12.817. 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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