4
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$1,249,500
Est. payment /mo
7,423 Sqft Lot
Active
15200 Roscoe Blvd Panorama City, CA 91402
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UPDATED:
11/26/2024 05:03 PM
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 24-446009
Lot Size 7,423 Sqft
Acres 0.1704
Property Description
This ready-to-issue (RTI) project offers an excellent chance to Develop 17 Affordable Housing units, Type VA construction, three story on-grade with a total area of 12,915 sqft, no parking, very low cost construction estimated at $2,100,000. Great Mix of units, 9 X 2 bedroom and 8 X 1 bedroom, Proforma monthly rent $34,069 or yearly $ 408,828 which will bring the value of the property around $5,682,000 with GRM 13.9 providing around $2,000,000 profit potential on the Development, price per unit of $334,000 resale value. Additional space possible for Leasing/Management office or ADU. Conveniently located close to public transportation, offering easy access to entertainment and events providing recreational opportunities for future residents, start construction immediately, saving time and reducing the hassle of lengthy approval processes. This project presents a unique opportunity to contribute positively to the community by providing much-needed affordable housing, addressing a critical need in Los Angeles. The city's incentives for affordable housing projects enhance the viability and potential returns on this investment. Los Angeles has a significant demand for affordable housing, ensuring a strong market for these units and benefiting from the long-term appreciation potential in one of the most sought after real estate markets in the country. Minutes away from Noble Ave early Education center, Nobel Ave Elementary school, vista middle school, panorama high school, walmart and mission community hospital. This offering is priced to sell! No Demo fee required.
Location
State CA
County Los Angeles
Area Panorama City
Zoning LAR3
Exterior
View Y/N Yes
View Any, Other
Others
Special Listing Condition Standard
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Listed by Keller Williams Realty Westside