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Listed by Martin Fish • Citivest Realty Services, Inc
$ 2,995,000
Est. payment /mo
New
249 South Avenue 54 Los Angeles, CA 90042
0.4 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID PW-25174973
Lot Size 0.399 Acres
Property Description
12 Unit RTI project with alley access. Located in the vibrant Highland Park community of Los Angeles, 249 S Avenue 54. This offers a rare development opportunity with RTI (Ready-To-Issue) permits in place. The existing property features three separate bungalow homes with alley access. NO RELOCATION, THE PROPERTY IS DELIVERED FULLY VACANT. The approved plans allow for four new construction duplex structures and two detached ADUs. Upon CofO, the new owner will be able to capture six (6) additional ADUs by right. Recent code updates allow for 8 ADUs bringing the unit count to 16 total. The new project will feature (8) 5B/5B units and (8) 2B/2B ADUS, each thoughtfully designed to meet the needs of modern urban living. The building will encompass approximately 24,210 square feet on a 17,882 square foot lot, designed with contemporary finishes, energy-efficient features, a full sprinkler system, and full compliance with the latest seismic and building codes. Situated just minutes from Downtown Los Angeles, tucked in between Griffith Obervatory and the 110 Parkway, the property benefits from a strong demand for rental housing, making it ideal for families or co-living operations. The estimated annual NOI is approximately $768,903. Avenue 54 offers an outstanding opportunity to invest in a high-demand, centrally located project ready for immediate development and long-term success.
Location
State CA
County Los Angeles
Area 632 - Highland Park
Zoning LARD2
Exterior
Community Features Biking, Dog Park, Hiking, Mountainous, Sidewalks, Street Lights, Suburban
Utilities Available Sewer Available, Water Available, Electricity Available, Natural Gas Available
View Y/N Yes
View Hills, Trees/Woods, Canyon, City Lights
Building
Lot Description Front Yard, Lawn, Value In Land, 0-1 Unit/Acre, 11-15 Units/Acre, 6-10 Units/Acre, Back Yard
Sewer Public Sewer
