Description

This prime Mid City property is a great investment opportunity with immense potential. The current fully vacant property has three parcel numbers, zoned Los Angeles Commercial 2 (LAC2) and is situated on over 23,000 square feet of land. The property has a total of 34 rentable units, with 28 units being one-bed one-bath and 6 units being two-bed one-bath. There is also a common area, recreation room, and a main kitchen, along with a substantial sized dining room. Units are ranging between 200 square feet to 400 square feet. This building used to be an elderly care facility but presents new possibilities such as being transformed into a motel or converted into an Adult Residential Facility Care center. The property can be simply renovated with some cosmetic work and utilized as a part of Los Angeles' Project Home Key. In addition, the architectural plans have been drawn for a new development with modern mixed-use commercial space, plus luxurious residential units’ design. The architectural plans lay out over 30,000 square feet of living space, featuring 24 one-bedroom, 4 two-bedroom, and 2 three-bedroom apartments with 48 parking spaces. All of the units are spacious with the majority of the one-bedroom apartments spanning 920 sf and all of the two and three-bedroom apartments over 1,000 sf. Most of the third-story units feature balconies. The commercial retail space has 3,500 sf and 8 parking spots. Additional garage is space reserved for bicycle parking. A rare find, don't miss out on this opportunity.