REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
$ 2,900,000
Est. payment | /mo
12 Beds
12 Baths
7,472 SqFt
$ 2,900,000
Est. payment | /mo
12 Beds
12 Baths
7,472 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 7,472 sqft
Price per Sqft $388
MLS Listing ID 26747731
Bedrooms 12
HOA Y/N No
Year Built 1950
Lot Size 8,703 Sqft
Property Description
***MAJOR PRICE REDUCTION. Exceptional Koreatown LAR5 / Tier 3 TOC development opportunity. New pricing creates compelling value for developers, investors, and value-add buyers in one of LA's strongest high-density growth corridors.*** Prime Koreatown LAR5-zoned property with Tier 3 TOC designation ideal for high-density multifamily, mixed-use, or future condo/hotel development. 11-unit income-producing building, fully occupied, generating $13,640.88/month in actual rents ($163,690.56 annually). Cap rate ~2% | GRM 23.82 this is a land-value and entitlement play, not a cash-flow asset. Flat 8,700 SF lot with potential for 26,000 buildable SF by right (buyer to verify).No Ellis Act or tenant buyouts completed developers maintain full control of exit or repositioning strategy. Subject to LA Rent Stabilization (RSO); Unit 3 currently rented at $394/month under RSO. Income can support carrying costs during planning or entitlement phases. Located just blocks from Wilshire Blvd, Metro stations, and major Koreatown projects. Rare offering in a dense, high-demand corridor with limited LAR5 inventory. Not currently RTI but the flat LAR5 lot and Tier 3 zoning make it a candidate for streamlined entitlement.
Location
State CA
County Los Angeles
Area C17 - Mid-Wilshire
Zoning LAR5
Interior
Heating Wall Furnace
Fireplace No
Appliance Microwave, Refrigerator
Exterior
Parking Features Driveway, Uncovered
Total Parking Spaces 7
Building
Story 2
Entry Level Two
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5094007015
Special Listing Condition Standard
Listed by Beata Mandell The Executive Realty Group #01392993
Nearby Locations
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "