Los Angeles, CA 90016,3434 Chesapeake AVE

$1,615,000

$1,750,000

7.7%
Est.Price: ?

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Est. payment /mo

9,178 Sqft Lot


SOLD DATE : 12/06/2024

Key Details

Sold Price $1,615,000

Property Type Vacant Land

Listing Status Sold

Purchase Type For Sale

MLS Listing ID 24394841

Sold Date 12/06/24

HOA Y/N No

Lot Size 9,178 Sqft

Property Description

PRICE REDUCED! We are pleased to present a 100% vacant land development opportunity located in the heart of West Adams! Totaling +/-9,180sf of LARD1.5 Tier 3 TOC land, a new owner has the ability to capitalize on various exit strategies that include the following: 1) Current RTI plans for a market rate 10-unit + 2 ADU multi-family for- rent building, 2) 100% affordable housing up to 50 units (feasibility study available on request), 3) Subdivision for 4-6 homes, or 4) Multiple duplex style build yielding 6-10 large units. Located just steps away from the trendy Jefferson Blvd corridor that includes numerous amenities such as Highly Likely (local cafe) and the soon-to-be Maydan Market (food hall) that includes Michelin Star connected restaurant Compass Rose. Being just 0.1 miles away, a 3-minute walk, from the Farmdale Metro Rail Line station, tenants have the ability to easily access Santa Monica, Culver City, USC, LAX, and Downtown LA. Ownership has plans in place for a market rate 10-unit + 2 ADU development that can be included in a sale. As a 100% affordable ED1 development, there's potential for up to 50 units with no parking requirements and an affordable stick on grade type construction. With its Opportunity Zone location, the property is well positioned for a developer seeking a well-located property with high rental demands that is nearby significant employment opportunities. Buyer shall complete their own due diligence to determine the development potential.

Location

State CA

County Los Angeles

Area Phht - Park Hills Heights

Zoning LARD1.5

Interior

Fireplace No

Exterior

View Y/N Yes

View City Lights

Building

New Construction No

Others

Senior Community No

Tax ID 5046009019

Special Listing Condition Standard

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California Regional MLS (CRMLS)
Listed by Casey Lins • Kidder Mathews of California, Inc.
Bought with Casey Lins • Kidder Mathews of California, Inc.
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