249 S Avenue 54, Los Angeles, CA 90042
- $2,450,000
Listing courtesy of Listing Agent: Martin Fish (Martin@streetlamppartners.com) from Listing Office: Citivest Realty Services, Inc.
- List Price
- $2,450,000
- Price Change
- ▼ $100,000 1779268721
- Status
- Active
- MLS#
- PW25174973
- Lot Size
- 17,390
- Lot Location
- 0-1 Unit/Acre, 11-15 Units/Acre, 6-10 Units/Acre, Back Yard, Front Yard, Lawn, Value In Land
- Days on Market
- 323
- Property Type
- Land
- Property Type
- Land
Property Description
12 Unit RTI project with alley access. Located in the vibrant Highland Park community of Los Angeles, 249 S Avenue 54. This offers a rare development opportunity with RTI (Ready-To-Issue) permits in place. The existing property features three separate bungalow homes with alley access. NO RELOCATION, THE PROPERTY IS DELIVERED FULLY VACANT. The approved plans allow for four new construction duplex structures and two detached ADUs. Upon CofO, the new owner will be able to capture six (6) additional ADUs by right. Recent code updates allow for 8 ADUs bringing the unit count to 16 total. The new project will feature (8) 5B/5B units and (8) 2B/2B ADUS, each thoughtfully designed to meet the needs of modern urban living. The building will encompass approximately 24,210 square feet on a 17,882 square foot lot, designed with contemporary finishes, energy-efficient features, a full sprinkler system, and full compliance with the latest seismic and building codes. Situated just minutes from Downtown Los Angeles, tucked in between Griffith Obervatory and the 110 Parkway, the property benefits from a strong demand for rental housing, making it ideal for families or co-living operations. The estimated annual NOI is approximately $768,903. Avenue 54 offers an outstanding opportunity to invest in a high-demand, centrally located project ready for immediate development and long-term success.
Additional Information
- View
- City Lights, Canyon, Hills, Neighborhood, Trees/Woods
- Sewer
- Public Sewer
- Water
- Public
- Terms
- Submit
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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.