Condominium buy in Parklabrea California

REDUCED! We are proud to exclusively present for sale a Development Opportunity in Mid City, Los Angeles. Entitled for 54 Residential Units with 3,103 SF of GroundFloor Retail, on the corner of La Brea Ave. and Washington Blvd. and at an alley, the new development will have views all around, with only low-rise buildings to the north and east. The new building would feature 7 very low income units and the un-submitted plans call for 13 Studios, 26 1+1s and 15 2+2s. The property is situated on nearly 13k SF of C2-2D vacant land in an Opportunity Zone down the street from West Adams, a neighborhood going through a tremendous revitalization. With the approved Letter of Determination, a Buyer can skip a lot of the headache of dealing with the CPIO for Entitlements. The 6-story concept design features comfortably sized units (most with private outdoors space) and all units will share communal roof decks. The design includes 54 parking spaces (including parking for retail customers) and short & long term bicycle parking. The Ground Floor Retail space, at a signalized intersection with over 70,000 cars of daily traffic and six dedicated parking spaces, has all of the fundamentals to rent to a quality tenant and achieve rents in the $4.50/PSF range (around $14,000/month) adding substantial income and an amenity to the building. The area has strong household incomes, jobs and a changing population that would attract many retailers. Currently with Street Billboard Income of $7,500 a month. The location is central to all, just down the road from the 10 freeway and the Exposition Light Rail Line, with several restaurants and a lot of shopping within walking distance, including Midtown Crossing Shops, which feature Lowes, Ross, Starbucks, Planet Fitness, Ralphs and much more! MLS® ID: 22181061 Listed: 7/19/22 Updated: 10/22/22