Under contract

3434 Chesapeake Ave

Los Angeles CA, 90016

$1,750,000


$190.63 per sqft

Under contract

0.21 Acres

Land

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.

24-394841

MLS ID

May 21, 2024

Listed

September 4, 2024

Updated

Map

3434 Chesapeake Ave
Los Angeles CA, 90016

Exterior/Building Features

Lot Size

0.21 Acres

Other Property Details

Area Name

Park Hills Heights


Days on Market

105


Garage

No


View

Yes


View Description

City


County

Los Angeles


Pool

No


Zoning

LARD1.5

Listing History

Date

Event

Price

9/4/2024

Under contract

8/14/2024

Price change

$1,750,000

-8%

Listed by Casey Lins with Kidder Mathews of California, Inc.
Listing Contact: 714-333-6768 

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Aspire Los Angeles shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2024 Combined L.A./Westside MLS. All rights reserved.

Data last updated 9/4/2024

Powered byLuxury Presence