Description

We are proud to exclusively present for sale a Development Opportunity in Koreatown, Los Angeles. The 58 Unit Residential Concept would be built on the Double Lot that consists of 13,541 SF of R4-1 Tier 3 TOC Land. The future development will have 100 Feet of frontage on James M. Wood Blvd. The Concept Design spans five floors of living space with parking at grade and underground. The current preliminary design includes 18 studios, 28 one bedroom units and 12 two bedroom units, all with a balcony. The rooftop deck should provide great views of Koreatown to DTLA! Sitting on the eastern end of Koreatown, this part of Los Angeles is undergoing a tremendous change and becoming the envy of metro LA. Walk Score calls this location a Walker's Paradise and declares that it has Excellent Transit - the approximately 1/2 mile walk to the Wilshire/Vermont Metro Station opens up the neighborhood to the rest of what Los Angeles has to offer. The City Planner currently has all of the preliminary entitlement documents. The Letter of Determination is expected to be approved in the next couple of months. Currently, the sites hosts a Duplex on one lot and Fourplex on the attached lot, both buildings with tenants. The properties are being sold as-is.Listing includes two APNs: 5077-028-005 and 5077-028-006. Property will be delivered with existing tenants. Property can be delivered RTI for $5.8m.