Description
PRICE REDUCED! We are proud to exclusively present for sale a redevelopment opportunity in the Historic Filipinotown area of Echo Park! With 8,287 SF of R4-1 Tier 1 land, and backing up to a 20 foot wide alley, a developer could build 21+/- units by right or 33+/- units by TOC / DB. The property is perfect for redevelopment into a market rate project or preferably a 100% Affordable Housing project utilizing TOC incentives or AB2345 / AB1763 for maximum density potentially beyond the 33 units. Just a 15 minute walk to the Metro Subway Station at MacArthur Park, rest assured that limited (or no) parking would not be a detterent to a project in this 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! The property currently features a six unit building on an oversized lot with 9 single car garages. The sellers have begun work on converting the four garages in front into a 2 Bedroom, 2 Bathroom Additional Dwelling Unit (ADU). 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. This high-demand area is in the middle of everything that younger professionals are looking for!
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0BEDS
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0.19ACRES
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0BATHS
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01/2 BATHS
School Ratings & Info
Description
PRICE REDUCED! We are proud to exclusively present for sale a redevelopment opportunity in the Historic Filipinotown area of Echo Park! With 8,287 SF of R4-1 Tier 1 land, and backing up to a 20 foot wide alley, a developer could build 21+/- units by right or 33+/- units by TOC / DB. The property is perfect for redevelopment into a market rate project or preferably a 100% Affordable Housing project utilizing TOC incentives or AB2345 / AB1763 for maximum density potentially beyond the 33 units. Just a 15 minute walk to the Metro Subway Station at MacArthur Park, rest assured that limited (or no) parking would not be a detterent to a project in this 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! The property currently features a six unit building on an oversized lot with 9 single car garages. The sellers have begun work on converting the four garages in front into a 2 Bedroom, 2 Bathroom Additional Dwelling Unit (ADU). 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. This high-demand area is in the middle of everything that younger professionals are looking for!
Based on information from California Regional Multiple Listing Service, Inc. as of 2023-05-31T16:37:33.267. 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 deemed reliable but is not guaranteed accurate by the MLS or CENTURY 21 Jordan-Link & Co.. Licensed in the State of California, USA.