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
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©2024 Combined L.A./Westside MLS. All rights reserved.
Data last updated 9/4/2024