$ 1,288,000
1324 S Westlake AVE Los Angeles, CA 90006
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$ 1,288,000
Est. payment /mo
New
1324 S Westlake AVE Los Angeles, CA 90006
8,668 Sqft Lot
UPDATED:
11/20/2024 12:41 AM
Key Details
Property Type Multi-Family
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
MLS Listing ID GD24237114
HOA Y/N No
Year Built 1903
Lot Size 8,668 Sqft
Property Description
Discover an exceptional business opportunity in a prime Los Angeles location! Recently approved by the Historical Preservation Overlay Zone (HPOZ) and pending one final review with LADBS, the property’s renovation plans include converting it to a 12-bedroom, 5-bathroom SFR. The scope of work features upgrades to plumbing, electrical (where needed), and roofing, as well as complete renovations of all bathrooms, kitchen, flooring, and paint throughout, enhancing fit and finish in every room.
This historical Craftsman property in the heart of Pico-Union District currently stands as an 11-room rooming house with 5 bathrooms and offers substantial rental income potential. Located minutes from USC, Downtown LA, Crypto Arena, and Koreatown, it's perfectly positioned for student housing, short-term renters, or urban professionals.
With flexible LARD1.5 zoning, permitted uses of the home include Boarding House, Hotel, Transient Lodgings, and Hostel. However, Investors have the unique advantage of maximizing income potential by also tapping into Los Angeles city programs to fund housing for the homeless in all 12 bedrooms, creating income while positively impacting the community, or develop the property as housing for USC students and other nearby colleges and trade schools. Income potential from multiple sources.
This property is ideal for investors seeking stable income and potential future development in one of LA’s most vibrant neighborhoods. Don’t miss out on owning a piece of LA history with high-yield potential!
This historical Craftsman property in the heart of Pico-Union District currently stands as an 11-room rooming house with 5 bathrooms and offers substantial rental income potential. Located minutes from USC, Downtown LA, Crypto Arena, and Koreatown, it's perfectly positioned for student housing, short-term renters, or urban professionals.
With flexible LARD1.5 zoning, permitted uses of the home include Boarding House, Hotel, Transient Lodgings, and Hostel. However, Investors have the unique advantage of maximizing income potential by also tapping into Los Angeles city programs to fund housing for the homeless in all 12 bedrooms, creating income while positively impacting the community, or develop the property as housing for USC students and other nearby colleges and trade schools. Income potential from multiple sources.
This property is ideal for investors seeking stable income and potential future development in one of LA’s most vibrant neighborhoods. Don’t miss out on owning a piece of LA history with high-yield potential!
Location
State CA
County Los Angeles
Area Phht - Park Hills Heights
Zoning LARD1.5
Interior
Fireplace No
Laundry Inside
Exterior
Garage Uncovered
Pool None
Community Features Sidewalks
View Y/N No
View None
Private Pool No
Building
Lot Description 0-1 Unit/Acre
Story 2
Entry Level Two
Sewer Public Sewer
Water Public
Level or Stories Two
New Construction No
Others
Senior Community No
Tax ID 5135004002
Acceptable Financing Cash, Cash to New Loan, Conventional
Listing Terms Cash, Cash to New Loan, Conventional
Special Listing Condition Standard
Listed by Rafael Gevorkian • JohnHart Real Estate • 818-825-1817