1206 W Florence Avenue

    Los Angeles (City), CA 90044
    • $1,250,000
    • STATUS: Active
    • ON SITE: 96 days
    • ID#: SB19010539
    Price Reduced
    $1,250,000
    • 0
      BEDS
    • 0.22
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 3,367
      SQFT
    • $371
      $/SQFT
    Type:
    Multi-Family
    Built:
    1930
    County:

    School Ratings & Info

    Description

    Price reduced by $100,000 for immediate sale bring an offer & let's open escrow... Offering a unique flex opportunity for Live/Work; Rental Income, or Future Redevelopment with mixed-use commercial & 38 new construction units. 1204-1210 W. Florence Avenue is perfect for investors; an owner-occupant, or a developer who is looking to build a new mixed-use project consisting of 38 new apartment units with ground floor retail/commercial space utilizing TOC Tier 2 density bonuses. 1204 Florence (4,797sf lot): features a move-in ready; furnished 3+2 Home w/ a gated private driveway and a 1-car garage ($3,000/mth market rent). 1206 Florence (4,796sf lot): features an approx. 1,200sf commercially zoned unit ($3,000/mth market) & a fully furnished 4+3 unit ($3,500/mth market). 1206 Florence also contains a large bonus/multi-use space, and off-street parking for 10+ cars. The property will be delivered 100% vacant with two large multifamily units & a commercially zoned unit with total market rents of $10,000/month. Perfect Redevelopment Opportunity, this 9,593sf double lot is zoned C2/R4. TOC Tier 2 eligible for a 60% density bonus (9,593sf x 1.60 = 15,348sf lot). C2/R4 zoning requires 400sf/unit so a developer could build as many as 38 new units here with 1st floor commercial/retail space required. Land cost of just $35K/unit. Also build up to 5 stories high with reduced parking & setbacks required.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-04-21T00:34:12.42. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
    www.hellerthehomeseller.com/homes/90860127

    1206 W Florence Avenue Los Angeles (City), CA 90044

    • Price: $1,250,000
    • Status: Active
    • ID#: SB19010539
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.22
    Acres
    3,367
    SQFT
    $371
    $/SQFT
    1930
    Built
    Neighborhood:
    C36 - Metropolitan Southwest
    County:
    Los Angeles
    Area:
    C36 - Metropolitan Southwest
    Property Description
    Price reduced by $100,000 for immediate sale bring an offer & let's open escrow... Offering a unique flex opportunity for Live/Work; Rental Income, or Future Redevelopment with mixed-use commercial & 38 new construction units. 1204-1210 W. Florence Avenue is perfect for investors; an owner-occupant, or a developer who is looking to build a new mixed-use project consisting of 38 new apartment units with ground floor retail/commercial space utilizing TOC Tier 2 density bonuses. 1204 Florence (4,797sf lot): features a move-in ready; furnished 3+2 Home w/ a gated private driveway and a 1-car garage ($3,000/mth market rent). 1206 Florence (4,796sf lot): features an approx. 1,200sf commercially zoned unit ($3,000/mth market) & a fully furnished 4+3 unit ($3,500/mth market). 1206 Florence also contains a large bonus/multi-use space, and off-street parking for 10+ cars. The property will be delivered 100% vacant with two large multifamily units & a commercially zoned unit with total market rents of $10,000/month. Perfect Redevelopment Opportunity, this 9,593sf double lot is zoned C2/R4. TOC Tier 2 eligible for a 60% density bonus (9,593sf x 1.60 = 15,348sf lot). C2/R4 zoning requires 400sf/unit so a developer could build as many as 38 new units here with 1st floor commercial/retail space required. Land cost of just $35K/unit. Also build up to 5 stories high with reduced parking & setbacks required.
    Exterior Features

    Garage Spaces 0.00 Lot Features 0-1 Unit/Acre Lot Size Source Assessor Lot Size Units Square Feet Parking Total 12.00 Pool Features None Pool Private YN No Property Attached YN No

    Interior Features

    Average Studio Area Units Square Feet Average1 Bed Area Units Square Feet Average2 Bed Area Units Square Feet Average3 Bed Area Units Square Feet Common Walls No Common Walls Cooling Wall/Window Unit(S) Cooling YN Yes Heating Wall Furnace Heating YN Yes Laundry Features Outside

    Property Features

    Additional Parcels Description 6019010012 Additional Parcels YN Yes Association Fee 0.00 Association YN No Building Area Units Square Feet Cap Rate 6.21 Community Features Urban Country Us Electric Expense 0.00 Elevation Units Feet Fuel Expense 0.00 Gross Income 120000.00 Gross Multiplier 11.25 Gross Operating Income 116400.00 Gross Scheduled Income 120000.00 Insurance Expense 0.00 Land Lease YN No Laundry YN Yes Net Operating Income 83808.00 New Construction YN No New Taxes Expense 0.00 Number Of Separate Electric Meters 3 Number Of Separate Gas Meters 3 Number Of Separate Water Meters 1 Number Of Units Leased 0 Operating Expense 32592.00 Rent Control YN No Senior Community YN No Sewer Public Sewer Special Listing Conditions Standard Tenant Pays ElectricityGasTrash Collection Total Actual Rent 120000.00 Total Expenses 32592.00 Trash Expense 0.00 Vacancy Allowance 3600 Vacancy Allowance Rate 3.00 Water Sewer Expense 0.00 Water Source Public Year Built Source Assessor Zoning Lac2

    Listing provided courtesy of Matthew Dunfrund of Lyon Stahl Investment Real Estate, Inc.


    Based on information from California Regional Multiple Listing Service, Inc. as of 2019-04-21T00:34:12.42. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. Licensed in the State of California, USA.
     
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    Encinitas CA, 92024