249 S Avenue 54, Los Angeles, CA 90042
249 S Avenue 54, Los Angeles, CA 90042
249 S Avenue 54, Los Angeles, CA 90042
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$2,450,000
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0.4 Acres Lot
Price Dropped by $100K

249 S Avenue 54 Los Angeles, CA 90042

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The Brandon Drew Group

The Brandon Drew Group

+1(909) 944-8800

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Key Details

Property Type Vacant Land

Listing Status Active

Purchase Type For Sale

MLS Listing ID PW25174973

HOA Y/N No

Lot Size 0.399 Acres

Property Description

12 Unit RTI project with alley access. Located in the vibrant Highland Park community of Los Angeles, 249 S Avenue 54. This offers a rare development opportunity with RTI (Ready-To-Issue) permits in place. The existing property features three separate bungalow homes with alley access. NO RELOCATION, THE PROPERTY IS DELIVERED FULLY VACANT. The approved plans allow for four new construction duplex structures and two detached ADUs. Upon CofO, the new owner will be able to capture six (6) additional ADUs by right. Recent code updates allow for 8 ADUs bringing the unit count to 16 total. The new project will feature (8) 5B/5B units and (8) 2B/2B ADUS, each thoughtfully designed to meet the needs of modern urban living. The building will encompass approximately 24,210 square feet on a 17,882 square foot lot, designed with contemporary finishes, energy-efficient features, a full sprinkler system, and full compliance with the latest seismic and building codes. Situated just minutes from Downtown Los Angeles, tucked in between Griffith Obervatory and the 110 Parkway, the property benefits from a strong demand for rental housing, making it ideal for families or co-living operations. The estimated annual NOI is approximately $768,903. Avenue 54 offers an outstanding opportunity to invest in a high-demand, centrally located project ready for immediate development and long-term success.

Location

State CA

County Los Angeles

Area 632 - Highland Park

Zoning LARD2

Interior

Fireplace No

Exterior

Community Features Biking, Dog Park, Hiking, Mountainous, Street Lights, Suburban, Sidewalks

Utilities Available Electricity Available, Natural Gas Available, Sewer Available, Water Available

View Y/N Yes

View City Lights, Canyon, Hills, Neighborhood, Trees/Woods

Present Use Investment,Multi-Family

Building

Lot Description 0-1 Unit/Acre, 11-15 Units/Acre, 6-10 Units/Acre, Back Yard, Front Yard, Lawn, Value In Land

Sewer Public Sewer

Water Public

New Construction No

Others

Senior Community No

Tax ID 5468013025

Acceptable Financing Submit

Listing Terms Submit

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)
Listed by Martin Fish Citivest Realty Services, Inc 310-905-4834, DRE #01988997

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249 S Avenue 54