Description
Welcome to this fantastic building opportunity at 859 Centennial St, Los Angeles, CA 90012! This is an exciting opportunity to purchase a prime R3 development site in the highly sought-after Echo Park neighborhood of Los Angeles just a 3 minute drive to Dodgers Stadium. This property sits on a quiet hill off of Sunset Blvd. The lot is approximately 6,979 sqft in size and zoned R3 & TOC Tier 2, offers a developer the potential to build 15 units using TOC incentives, or 9 units, making it a lucrative investment opportunity. One of the advantages of this property is that it is currently a single-family residence, which means it is not subject to rent stabilization (RSO) regulations. This allows for more flexibility in the development process. The lot boasts approximate dimensions of 50 sqft by 140 sqft and offers stunning views of the Downtown LA skyline, adding to its appeal. The location is also highly desirable, being close to shopping, restaurants, bars, transportation (110 & 10 freeways), and other amenities that Echo Park has to offer, making it an attractive location for potential tenants. The potential for development is versatile, with possibilities for townhomes, fourplexes, condos, or other residential units, offering flexibility to suit different investment strategies. However, it's important to note that the buyer should verify all zoning requirements with LADBS (Los Angeles Department of Building and Safety) and other relevant city departments, as the seller/agent do not make any representations on what can be built on the lot. The property is being sold "As-Is," and the seller is planning a 1031 exchange, with no cost to the buyer to cooperate. This presents a unique opportunity to acquire a rare development site in the rapidly growing and popular Echo Park area, which is conveniently located near Silver Lake, Chinatown, Downtown LA, Dodger Stadium, and more. Don't miss out on this fantastic opportunity to invest in a prime R3 development site in Echo Park and capitalize on the potential for significant returns on investment! **Please do not disturb the tenants in place.
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2BEDS
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0.16ACRES
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2BATHS
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01/2 BATHS
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1,453SQFT
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$1,170$/SQFT
Description
Welcome to this fantastic building opportunity at 859 Centennial St, Los Angeles, CA 90012! This is an exciting opportunity to purchase a prime R3 development site in the highly sought-after Echo Park neighborhood of Los Angeles just a 3 minute drive to Dodgers Stadium. This property sits on a quiet hill off of Sunset Blvd. The lot is approximately 6,979 sqft in size and zoned R3 & TOC Tier 2, offers a developer the potential to build 15 units using TOC incentives, or 9 units, making it a lucrative investment opportunity. One of the advantages of this property is that it is currently a single-family residence, which means it is not subject to rent stabilization (RSO) regulations. This allows for more flexibility in the development process. The lot boasts approximate dimensions of 50 sqft by 140 sqft and offers stunning views of the Downtown LA skyline, adding to its appeal. The location is also highly desirable, being close to shopping, restaurants, bars, transportation (110 & 10 freeways), and other amenities that Echo Park has to offer, making it an attractive location for potential tenants. The potential for development is versatile, with possibilities for townhomes, fourplexes, condos, or other residential units, offering flexibility to suit different investment strategies. However, it's important to note that the buyer should verify all zoning requirements with LADBS (Los Angeles Department of Building and Safety) and other relevant city departments, as the seller/agent do not make any representations on what can be built on the lot. The property is being sold "As-Is," and the seller is planning a 1031 exchange, with no cost to the buyer to cooperate. This presents a unique opportunity to acquire a rare development site in the rapidly growing and popular Echo Park area, which is conveniently located near Silver Lake, Chinatown, Downtown LA, Dodger Stadium, and more. Don't miss out on this fantastic opportunity to invest in a prime R3 development site in Echo Park and capitalize on the potential for significant returns on investment! **Please do not disturb the tenants in place.
Based on information from California Regional Multiple Listing Service, Inc. as of 2023-05-30T00:25:33.473. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Remax of Chico - The Laffins Real Estate Team. Licensed in the State of California, USA.