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1204 W FLORENCE Avenue $2,300,000


    1204 W FLORENCE Avenue Los Angeles, CA 90044

    • 0.22 Acres
    • Land
    • MLS# 22136675
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    Views: 20 Days On Market: 147

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    Property Details

    We are pleased to present 1204-1206 West Florence Avenue, a double-lot development site located in the Southeastern pocket of Los Angeles, CA. The Offering consists of 9,595 square feet of land (.22 acres), zoned LAC2, and will be delivered with fully approved RTI (Ready-to-Issue) plans to build a 6-story, 27-unit apartment building, atop one level of on-grade parking. The project will also boast a very attractive unit mix of eleven 1 Bedroom / 1 Bathroom units, and sixteen 2 Bedroom / 1 Bathroom units. The approved housing covenant allows 24 units to be rented at market rent and 3 units to be rented at the affordable housing rate in line with Very Low-Income earning tenants.Using typical value metrics that we're seeing in the market, we have projected the finished value of the property to fall somewhere between $10,000,000 and $10,500,000, with a possibility of eclipsing those figures depending how positively the market reacts over the next couple of years during construction.The Offering is well-located along Florence Avenue, a main thoroughfare, roughly one block West of Vermont Avenue. The area is undergoing major revitalization filled with exciting new openings such as the Banc of California Stadium, and the massive $1 Billion Lucas Museum of Narrative Art.With a sound strategy and the proper approach, this project will prove to be a big-time money-maker for the investor willing to take this on.

    • General Features
      • Buyer Compensation 2.000 %
      • County Or Parish Los Angeles
    • Property Features
      • Lot Size Acres 0.22
      • View Error: ClassID in tblMLSFieldPropertyType is null.



    90044 (Los Angeles) Demographics

    31 Median Age
    19,464 Population Density (per sq. mile)
    14% College Educated
    $39,434 Estimated Median Income
    8,220 Estimated Total Home Owners
    20,148 Estimated Total Renters
    29% / 71% Estimated Owner / Renter Divide
    4 Estimated Average Household Size
    99,980 Total Population
    Community data courtesy of LiveBy, Inc.

    Market Last 30 Days In This Postal Code

    $580,000 Median Sales Price
    12 Homes Sold
    20 New On Market

    Average Days on Market

      Properties for Sale

        Calculations provided by Reliance Network

        Property History

        Date Event Price Percent Change
        -- Current Price Source: Multiple Listing Service New Value: $2,300,000
        9/1/2022 12:16:43 PM Status Changed Source: Multiple Listing Service New Value: Active
        3/15/2022 4:49:00 PM New in Database Source: Multiple Listing Service New Value: $2,300,000

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        Based on information from California Regional Multiple Listing Service, Inc. as of 11/28/2022 11:36:28 AM. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

        Note: All room dimensions, including square footage data, are approximate and must be verified by the buyer. The information contained herein is furnished by the owner to the best of his/her knowledge but is subject to verification by the purchaser, and agent assumes no responsibility for the correctness thereof. The sale offering is made subject to errors, omissions, change of price, prior sale, or withdrawal without notice. In accordance with the Law, this property is offered without respect to race, color, creed, national origin, sex, familial status or disability. This is not intended to solicit property currently listed.