Don't miss out on this fantastic opportunity to acquire a sizable lot near Larchmont Village! Nestled on a serene, tree-lined street, this meticulously maintained triplex exudes charm and is situated in a welcoming neighborhood. Spanning an impressive 7,258 square feet, with dimensions of 50 feet by 145 feet, this property boasts a zoning designation of TOC Tier 2 R3. It's a prime prospect for small lot developers, offering ample potential as an end product. Under Tier 2 TOC (Transit Oriented Community) guidelines, there's a significant 60% maximum increase permitted in the number of units, beyond what the zoning typically allows. In addition to its appeal for developers, there's also a tremendous opportunity for value creation by renovating the existing building and incorporating ADUs (Accessory Dwelling Units). This strategy can transform the property into a lucrative income-generating asset, offering an alternative to new construction. With the potential to maximize rental income through strategic renovations and additional units, this approach enhances the property's investment potential. Conveniently positioned near all amenities, including Larchmont Village, Paramount Studios, local grocery stores, restaurants, shopping outlets, and Melrose cafes. Plus, the proximity to the new Target development on Sunset & Western, just 4 minutes away, adds another layer of convenience.
Property Type :
Residential Income
County :
Los Angeles
Style :
Residential Income
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ByOwner last updated this listing 05/09/2024 @ 09:56
MLS: 24381827
LISTED BY: Vinnie Park, Keller Williams Larchmont
SOURCE: CRMLS
Buyer Agency Compensation: 2.5%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.
