Condominium buy in Culver City California

The "Robertson Opportunity" located on 1916-1920 S Robertson Blvd presents an investor the opportunity to acquire a fully vacant, 21,997SF, multifamily asset, situated on a 24,384 LAR3 lot in the WLA community bordering Cheviot Hills, Pico-Robertson and Culver City. City records indicate a total of 32 units were on the site. Formerly an adult care facility, this asset has the potential to be returned back to apartments with the potential to add ADU units. There is an estimated 5,000 SF of improvement not currently allocated to residential use, making for plenty of opportunity to add units and ADU's within the existing structures. Alternatively, one has the potential to build a new multifamily development on the large24,384 SF lot. By using by-right and density bonus criteria one may be able to build 35-50 new units, with the potential to increase the unit count further with the addition of ADUs. In total, due to the tremendous opportunity to add value through renovation or new development, this asset represents a compelling opportunity to build significant equity, generate an out sized yield on cash, all while being very well positioned to capitalize on any inflationary pressure expected to occur in the years ahead. MLS® ID: 22148073 Listed: 4/14/22 Updated: 10/4/22 Interior Features Total Bedrooms: 0 Total Bathrooms: 0 Cooling: Wall/Window Unit(s) Heating: Natural Gas Exterior/Building Features Lot Size: 0.56 acres lot Architectural Style: Mid-Century Modern Other Property Details Area Name: C09 - Beverlywood Vicinity HOA Amenities: Gated Garage: No Parking: Gated View: Y County: Los Angeles Pool: No Pool Description: None Total Stories: 2 Zoning: LAR3 Property History Date Event Price Value 5/31/22 Active Under Contract - - Listed by Scott Rosenberg, Kidder Mathews of California, Inc., Based on information from California Regional Multiple Listing Service, Inc. as of 10/4/22. 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.