Opportunity with tremendous upside potential for mixed use residential and commercial development. Current zoning is a mix of RD 1.5 (3186 sq ft) and P (Parking 6250 sq ft).Owner is currently getting approval for R-1.5 which will allow for development of up to 6 units. - Property Qualifies for RAS 3 re-zoning on approx 6,290 square foot of the lot. This re-zoning will allow Commercial (ground floor neighborhood services) 12 Condos Residential above. Buyer to verify with Los Angeles Department of Building & Safety for specifics regarding the upside of building opportunities. Or rehab existing SFR and guest house. Resident artist's retirement forces sale of this beloved and charming property. Call or text Sheryl for showings 818-667-8281.
Financial Projections
6 Units mix of 3/2 and 2/2 condos/ townhomes 1,700-2,000 sqft
Construction Cost Estimated $1,800,000
Closing Cost/ Money Hold Expenses $378,000
Estimated Sale per Unit $750,000
Total Estimated Sale $4,500,000
Estimated Net $1,172,000