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$1,195,000
Est. payment /mo
7,423 Sqft Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 25610279
Lot Size 7,423 Sqft
Acres 0.1704
Property Description
Prime Development Opportunity in Los Angeles!This versatile R3-1 TOC Tier 2 lot offers exceptional potential for investors and developers seeking strong returns and flexibility in one of L.A.'s most active multifamily corridors. Two lucrative development paths are available: build 10 townhomes with 10 ADUs under SB684 for individual resale, or move forward with the (RTI) ED1-approved project to construct 17 affordable housing units ready for immediate execution.The approved Type VA construction plan features a three-story, 12,915 square foot building with no parking requirement, minimizing costs and streamlining construction. The estimated build cost is approximately $2,100,000, with an excellent unit mix of 9 two-bedroom and 8 one-bedroom units. Projected proforma rents total $34,069 per month ($408,828 annually), leading to an estimated completed property value of $5,682,000 (GRM 13.9) and a potential $2,000,000 profit margin.Additional space is available for a leasing or management office or an optional ADU, providing even more income potential. The property requires no demolition feesyou can start construction immediately.Ideally located minutes from Noble Ave Early Education Center, Nobel Ave Elementary, Vista Middle School, Panorama High School, Walmart, and Mission Community Hospital, this project offers residents convenience and accessibility to schools, shopping, employment centers, and public transportation.With high demand for affordable housing across Los Angeles and city incentives designed to encourage development, this property provides a rare opportunity to deliver quality housing while securing strong financial returns.Don't miss this ready-to-build, high-potential, priced-to-sell project in one of Los Angeles' most promising multifamily zones.
Location
State CA
County Los Angeles
Area Panorama City
Zoning LAR3
Exterior
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Special Listing Condition Standard
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Listed by Keller Williams Beverly Hills
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