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Condominium buy in Culver City California
Rare opportunity to acquire three contiguous parcels in Los Angeles' Palms neighborhood. The offering boasts a great location at 3704, 3710 and 3714 Glendon Avenue, less than a block north of Venice Boulevard and a Ralph's grocery store, a half-mile from Sony Studios, surrounded by numerous major development projects, proximate to downtown Culver City's popular entertainment and major employers, and just four miles to Venice Beach. The average household income within one mile exceeds $110,000. The subject property encompasses a total lot size of 16,304 square feet zoned LAR3, and a new investor may be able to develop 36 units by utilizing low income density bonuses (buyer to verify). Assuming a development of 31,482 rentable square feet with a mix of studio, one-bedroom, and two-bedroom units, the estimated value of the completed project would be $21,500,000. 3704-3714 Glendon Avenue currently features four existing buildings with 12 total units that generate $22,762 in monthly rent. MLS® ID: PW22161947 Listed: 7/21/22 Updated: 10/16/22
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