We are proud to exclusively present for sale a 6 Unit + RTI ADU Residential Building with tremendous redevelopment potential in the Historic Filipinotown area of Echo Park! The property currently features a six unit building on an oversized lot with 9 single car garages. The sellers have… Read More an RTI / Approved Plan Check to convert the four garages in front into a 2 Bedroom, 2 Bathroom Accessory Dwelling Unit (ADU). With 8,287 SF of R4-1 Tier 1 land, and backing up to a 20 foot wide alley, a developer could build 70+/- units by ED-1. There are long terms tenants; the property will be delivered fully occupied with no relocation agreements. A new owner will need to talk to tenants after close of Escrow. The property is perfect for redevelopment into a market rate project or preferably a 100% Affordable Housing project! With just a 15 minute walk to the Metro Subway Station at MacArthur Park, rest assured that limited (or no) parking should not affect a project in this very pedestrian friendly area. With easy access to the 101 and 110 freeways, this property is centrally located to benefit from what Downtown, Silver Lake, Echo Park, Hollywood, Koreatown and more have to offer! Designated as Very Walkable, Excellent Transit and Bikeable by Walk Score, come build a place your future tenants truly can call home! This high-demand area is in the middle of everything that younger professionals are looking for! Square footage, bedrooms and bathrooms includes the RTI ADU as it will be built. CAP and GRM take into account the budget of $150,000 to build the ADU. Read Less
Property listed by Keller Williams Beverly Hills, Dario Svidler 310-432-6400
Listing Snapshot
Days Online
119
Last Updated
Property Type
Other
Beds
12
Square Ft.
6,989
Lot Size
0.19 Acres
Year Built
1948
MLS Number
24417167
30 Days Snapshot Of 90057
$524k
-18%
(avg) sold price
2
-33%
homes sold
40
-53%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1948, Building area total: 6,989, Levels: Two, Living area: 6989, 2 stories, 1 building
Income
Gross income: $123,884, Net operating income: $75,138
Lot
0.1903 acres, 8,289 square feet, Size: 8,289
Parking
5 totals parking
Property
Zoning: R4-1 Tier 1
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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