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- LoopNet Team
1001 S Park View St
Los Angeles, CA 90006
138 Unit Multifamily Development · Land For Sale · 0.73 AC
Investment Highlights
- 32,000 Square Foot Lot | Zoned R4-1 in a TOC Tier 3
- Ingress/Egress from both Hoover and Park View Street
- Walker's Paradise | Bikeable Area | Excellent Transit | 1 Mile From Westlake / MacArthur Park Metro Transit Station
- Two Current Edifications with One Tenant
- Nearby Koreatown and Downtown
- Please Contact Peter Ciriello For More Information @ 310-980-4562
PROPERTY FACTS
| Property Type | Land | Total Lot Size | 0.73 AC |
| Property Subtype | Residential |
| Property Type | Land |
| Property Subtype | Residential |
| Total Lot Size | 0.73 AC |
Description
968 S Hoover Street and 1001 S Park View Street is a 31,671.70 square foot lot that zoned R4-1 with TOC Tier 3 near Korea Town and Down Town Los Angeles. This is unentitled dirt. The site was sold previously as 108 units fully entitled but the Sellers scrapped the plans and drafted new plans to build a 138 unit multifamily property with 43 singles, 52 one bedrooms, 44 two bedrooms with 3 levels of subterranean parking for 162 parking spaces. However those plans were never submitted or started. Only 69 parking spaces are needed by code. Buyer can alter the plans to minimize costs and reduce the parking. Buyer could also build 100% affordable units and use Tier 4 requirements, greatly reducing parking and maximizing FAR. The building is located in a walkable neighborhood nearby the Westlake / MacArthur Park Metro Transit Station. Many restaurants and activities are found in the area. Total fee is 3%, broker co-op is 50% but buyer's agent is encouraged to bring some fee.
zoning
| Zoning Code | LAR4-1 |
| LAR4-1 |
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