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9 photos
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$3,000,000
Est. payment /mo
4,549 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 4,549 sqft
Price per Sqft $659
MLS Listing ID CL26639141
HOA Y/N No
Year Built 1937
Lot Size 0.908 Acres
Acres 0.91
Property Sub-Type Other
Property Description
The property, originally constructed in 1937, is comprised of nine units with a mix of two x one bedroom/one bath, and seven x two bedroom/one bath apartments, situated on 0.91 acres (39,537 SF) parcel. In 2018, the property was renovated and two new units were added. Additional income is derived from truck parking. The parcel is zoned LA C2-2D-CPIO. City of Los Angeles Transit Oriented Communities qualifies the parcel as TOC Tier 4 due to its proximity to the Sylmar/San Fernando Metrolink Train Station. Tier 4 qualifies for an 80% bonus in unit density based on the underlying zoning. This is in exchange for setting aside a certain amount of low-income units. By right one could develop 86 units. With TOC Tier 4, one could develop 155 units. Please refer to the above link for specifics. Additionally, the city has implemented a local incentive program detailed in the City of Los Angeles Density Bonus Program which complements the TOC program and just adopted the Citywide Housing Incentive Program Ordinance or CHIP. Further, the site qualifies for Executive Directive 1 (ED 1) which expedites the processing of shelters and 100% affordable housing projects in the city of Los Angeles. The offering is a rare opportunity for an affordable housing developer to acquire a sizable residentia
Location
State CA
County Los Angeles
Zoning LA C
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Building
New Construction No
Others
Tax ID 2611010012
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Listed by Robert Leveen • Robert Leveen
NEARBY SCHOOL & BUSINESS
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Parisa Samimi
Founder & Real Estate Broker | License ID: 01858122
Founder & Real Estate Broker License ID: 01858122