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Key Details
Sold Price $970,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
Square Footage 3,252 sqft
Price per Sqft $298
MLS Listing ID RS19186738
Sold Date 02/07/20
HOA Y/N No
Year Built 1940
Lot Size 0.345 Acres
Acres 0.3455
Property Description
QUALIFIED OPPORTUNITY ZONE!!! Great Investment Opportunity to own these 4 units, two separate buildings (10927-10929 Strathern and 10931-10933 Strathern) must be sold together and are reflected in the price. Great upside potential, property under Rent Control.
Our Development team has found that a Developer or Investor can build up to 37 units on site. They can be market-rate units allowing maximize the valuation of the property, can also apply for a density bonus (35% increase) if an affordable housing component is incorporated allowing a build "up to" 50 units, can also exercise the TOC "Transit-Oriented Community" guidelines which gives the ability to build up to 60 units with 23% have to be affordable housing units. Perfect opportunity for an Affordable Housing Developer. They are changing the TOC guidelines which may affect the ability to leverage this element. Check back in a couple of months on the changes to the TOC guidelines and also do a 100% affordable where the city of LA will prioritize applications.
The above statements on the number of units are estimates given from LADBS conditioned the applicant get approvals on the rezoning of the parcels.
Location
State CA
County Los Angeles
Area Sunv - Sun Valley
Zoning LAR1
Rooms
Ensuite Laundry None
Interior
Laundry Location None
Fireplace No
Laundry None
Exterior
Pool None
Community Features Sidewalks
Total Parking Spaces 4
Private Pool No
Building
Lot Description RectangularLot
Story One
Entry Level One
Sewer PublicSewer
Water Public
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 2409003024
Acceptable Financing Cash, Conventional, Contract, Item1031Exchange, Submit
Listing Terms Cash, Conventional, Contract, Item1031Exchange, Submit
Financing CashtoNewLoan
Special Listing Condition Standard
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Bought with Steve Julian • Keller Williams Realty-Studio City