1115 S Westgate Avenue
Los Angeles, CA 90049
0.16 acres | #24462561
Description
"Plans are approved and ready to be pulled. This piece of land creates a rare and tremendous opportunity to develop multi units building in the highly desirable Brentwood neighborhood. This 6,900 SF land with 77 feet frontage on Westgate Ave., has been approved for "by-right" development of a four (4) story, eight (8) units apartment building (To be built to "condo spec") one (1) level of subterranean parking. Permits are ready to be issued (RTI ready). However, recent changes in zoning and/or ordinances (To allow more housing due to housing and affordability housing shortage in Los Angeles), there could be alternative development opportunities this land may be used for, such as 1) After five (5) years of renting the units, the units could be revisited and turned into eight (8) condos with the current parking structure (Buyer is to independently conduct research to verify) OR 2) By making a few adjustments to the plans, the development could be switched to a six (6) condo project, OR New plans could be drawn for seventeen (17) one bedroom apartment building, three (3) of which would have to be allocated for "low income housing" (Buyer is to independently verify). Property is close to UCLA, VA hospital, Westwood Village, shops and restaurants and both the 405 and 10 freeways."
Property Details
- Acres0.1584
Construction Details
- Property TypePurchase
Community and Neighborhood Details
- CountyLos Angeles
Financial Details
- Original List Price$2,900,000
Other
- MLS #24462561
Location
Legal
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Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: Timothy Macker (#CLW-C128488)
Listing Office: Timothy C. Macker Jr. (#CLW-X82115)
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