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$3,300,000
Est. payment /mo
0.34 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 26672299
HOA Y/N No
Lot Size 0.344 Acres
Property Description
***BANK OWNED SALE*** 64 UNITS RTI Plans - We are excited to offer 734 S. Manhattan Place, a 15,000-square-foot TOC Tier 3 vacant lot zoned R4-2 in the heart of Koreatown. This prime development opportunity offers various possibilities, including the option to immediately begin construction on a fully approved 64-unit, seven-story project, or to explore a new design for an ED1 100% affordable housing project.The current owner has full approvals to build a 60 unit + 4 ADUs RTI (Ready-to -Issue) development. The seven-story proposed project will encompass approximately 61,639 square feet in total building area. Of the 64 units proposed, 24 will be studio units, 30 will be three-bedroom units, 6 will be four-bedroom units and 4 will be ADUs. 6 of the 64 total units will need to be dedicated to extremely low income affordable units. The plans include 33 automobile parking spaces, 49 long-term bicycle spaces and 12 short-term parking spaces. Designed with modern living in mind, each unit will appeal to a wide range of tenants, ensuring high occupancy rates and steady cash flow. Property is currently fully vacant, so no tenant relocations required. Located just two blocks from the Wilshire/Western intersection, this property offers easy access to the vibrant amenities of Koreatown and within short driving distance of Downtown LA, Hollywood, Los Feliz, Silver Lake, and Hancock Park.
Location
State CA
County Los Angeles
Area C18 - Hancock Park-Wilshire
Zoning LAR4
Interior
Fireplace No
Exterior
View Y/N Yes
View City Lights
Building
New Construction No
Others
Senior Community No
Tax ID 5093004069
Acceptable Financing Cash
Listing Terms Cash
Financing Cash
Special Listing Condition Real Estate Owned
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Listed by Don Favia Realty Investment Advisors, Inc. #01841258
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