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.
Listing Agent: Filip Niculete 01905352 Courtesy of: Marcus & Millichap "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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Updated: 2nd December, 2022 1:41 AM (UTC)