Thank you
David Bond
David Bond
213-268-2663
SCREAMING DEAL! Income of $3,200 for commercial use of the lot for storage purposes PLUS an additional $2,000 for the lease of a sign at the corner of the lot totaling $62,400 per year! Buy it for its income stream alone or collect income while you entitle it for redevelopment. Almost a 9% cap rate based upon gross income with zero maintenance and management expenses! The sign lease is on a month to month basis and can be increased or terminated at any time. Seller states that the sign has been there for years, used by the same lessee, and the lessee desires to continue to lease it if it is offered to the lessee by the buyer. If desired, the sign can be removed by the buyer at any time in the future but it should not obstruct any development should it remain in place based upon it being located at the very corner of the lot. Lease of the lot terminates on June 30, 2024 but the ownership states they believe the tenant would prefer to renew at expiration. Great opportunity to own a rare flat level lot zoned C3 for commercial and residential uses. Although sold for land value only, there is an existing vacant home on the site but it is considered to be a teardown. Seller had tentative verbal approval for a 6-unit development allowed by right along with a 24-hour post office box business with a great income potential with very limited competition. See the renderings for the proposed building and business. Architect may be available to be hired to continue with the approval process for the proposed development, if desired. Additional photos of another post office box business are included for visualization purposes. Repurpose the property as desired or use it as-is. With new codes, it should allow for both residential and commercial development with a potential for residential low-income bonus developments and ADU's. Easy to build-out with all utilities in place. Both street access and convenient alley access for more development choices and opportunities. Completely fenced, locked, and secure. Property may also be suitable for multi-family residential, single-family dwelling, commercial and/or residential condominium project in addition to a commercial and residential development by right. The restrictive SB-8 may not apply due to the property being commercial. Property is located in Los Angeles but within a small unincorporated pocket under the jurisdiction of the County of Los Angeles. Check with the County and your architect for all details related thereto. Extraordinary opportunity for a large, scarce, flat, unique, and desirable property along a major thoroughfare. Sold in its present condition and "as is". No warranties of any kind or representations made regarding the property whatsoever. Buyer to conduct their own independent investigations. Standard sale. No court approval necessary. Copies of leases, one now on a month to month basis, are included herein for reference. Because it is being sold for land value only and its income stream, an interior view of the house will only be allowed upon an accepted offer and only if deemed necessary and requested by the buyer because the house is considered to be a teardown. Also, because it is being sold for land value, sign, and its income stream only, drive-by the property at any time and feel free to view it along Vermont and/or the alley at the rear of the property. Also, feel free to view aerial photos readily available on the WWW. Do not disturb occupants. Incredible deal. Make it yours.
Sell a home like this and save $40,301 Find Out How
Total Baths: 0
Full Baths: 0
Half Baths: 0
Water Source : Public
Sewer : Other
Lot Dimensions Source: Assessor
Lot Size Acres: 0.1102
Lot Size Dimensions: 40x120
Lot Size Source: Assessor
Lot Size Square Feet: 4800
Original List Price: 680,000
Listing Contract Date: 2024-05-02
Listing Agreement: Exclusive Right To Sell
Parcel Number: 6056018001
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: C36 - Metropolitan Southwest
Postal Code Plus 4: 3201
Directions: North of Century Blvd. West of 110 Freeway.
Zoning: LCC3YY
Source Property Type: Land
Area: C36 - Metropolitan Southwest
Year Built Source: Vendor Enhanced
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
1031 W Century Boulevard, Los Angeles, CA,90044 | $699,000 | 6 | -- | 1,760 | 5000 Sqft |
936 W 78th Street, Los Angeles, CA,90044 | $950,000 | 5 | 3 | 2,000 | 5720 Sqft |
1002 W 124th Street, Los Angeles, CA,90044 | $675,000 | 3 | 2 | 1,674 | 5353 Sqft |
10310 Vermont, Los Angeles, CA,90044 | $255,000 | -- | -- | -- | 2513 Sqft |
606 W 78th Street, Los Angeles, CA,90044 | $674,888 | 5 | 1 | 1,672 | 7150 Sqft |
661 W 65th Street, Los Angeles, CA,90044 | $450,000 | -- | -- | -- | 4050 Sqft |
7014 S Vermont Avenue, Los Angeles, CA,90044 | $1,500,000 | -- | -- | 3,313 | 5489 Sqft |
820 822 W 61st Street, Los Angeles, CA,90044 | $670,000 | 3 | 2 | 1,764 | 5852 Sqft |
717 W 77th Street, Los Angeles, CA,90044 | $999,000 | 5 | 5 | 3,651 | 7000 Sqft |
949 W 65th Street, Los Angeles, CA,90044 | $1,299,999 | -- | -- | -- | 7500 Sqft |
Copyright © 2024 by the Multiple Listing Service of the California Regional MLS®. This information is believed to be accurate but is not guaranteed. Subject to verification by all parties. This data is copyrighted and may not be transmitted, retransmitted, copied, framed, repurposed, or altered in any way for any other site, individual and/or purpose without the express written permission of the Multiple Listing Service of the California Regional MLS®. Information Deemed Reliable But Not Guaranteed. Any use of search facilities of data on this site, other than by a consumer looking to purchase real estate, is prohibited.
ByOwner last updated this listing 05/22/2024 @ 05:31
MLS: 24387557
LISTED BY: David Bond, David Bond
SOURCE: CRMLS
Buyer Agency Compensation: 3%
Buyer Agency Description: FULL 3% COMMISSION TO SELLING BROKERAGE!