Deal numbers

A cap rate estimate is not available for this property yet. Ask Alex for a pro forma using comparable rent data.

Property details

Type

Apartment

Bedrooms

8

Building size

4,790 sqft

Lot size

6,509 sqft

Year built

1909

Stories

2

Garage spaces

0

Pool

None

Status

Active

Days on market

0

MLS #

245332957

About this property

This is a bulk sale that includes 2836, 2842, 2846, 2854, and 2858 W. Pico Blvd. The total asking price for all five parcels is $6.5 million. The seller is not willing to sell the properties individually. The seller is also open to a 99-year ground lease. The asking ground lease rent is $32,500 per month for all five lots. The combined site area is approximately 32,500 square feet, making it an excellent opportunity for an affordable housing development in a prime location. The seller is currently pursuing entitlements with the HPOZ and the City Planning Department for a 100% affordable housing apartment project. The current proposal submitted to the City is for approximately 175 residential units. All five parcels must be sold together. This is an exceptional opportunity for developers and investors specializing in affordable housing or senior housing projects. Affordable housing developers and investors are encouraged to inquire.

Location

2842 W Pico

Los Angeles, Los Angeles, CA, 90006