Closed | Excellent Multi-Family Re-Development Opportunity
Josh Barut of Lyon Stahl is pleased to have closed 4926 Elizabeth St, an excellent multi-family re-development opportunity located in the red-hot Mid-Cities/Southeast LA submarket of Los Angeles County.
This property sold for $840,000.
The parcel consists of a huge 20,534 square foot lot that is currently operating as (2) 2-bed/1-bath units that are each collecting $1,300/month in rent and is not subject to rent control.
That said, the true value in this deal lies in the development upside. First off, this parcel is zoned CUR3, which represents a High-Density Residential Zone (HDR). This designation provides for higher density, multi-story residential development, and, in other words, more units.
Additionally, this parcel is located within an Opportunity Zone. Any re-development opportunity located in a burgeoning rental market with an O-Zone designation is the golden ticket for any savvy, long-term hold investor.
That said, given the positioning of the current units, this offering is suitable for all levels of real estate development.
Whether the plan is to keep the existing units and build out the back over time, or wipe the slate clean and paint on a blank canvas, the upside and versatility of the parcel is without question.
For More Information on this Property:
For More Information, Contact:
Josh Barut: [email protected]