2823 Leeward Ave, Los Angeles, CA 90005
The two-story building is a 6-unit* apartment located just south of Wilshire Blvd and west of Hoover Street in the prime Koreatown market of Los Angeles. The subject property is positioned close to two major metro stations at Westlake/MacArthur Park and Wilshire Vermont and within blocks from Wilshire Boulevard Business Center. This centrally located property is less than 5 miles from Downtown LA and less than 2 miles from the Historic Wiltern Theatre in Los Angeles. Built in 1922, this apartment contains 7,136 gross SF and is situated on 9,514 SF of land. The apartment features a unit mix of (2) one bed / one bath and (4) two bed / two bath units. All units are fully occupied with month-to-month leases.
Identified as an ideal development area to address chronic shortage of housing in the City of Los Angeles, the Leeward Avenue Project qualifies for high density Transit Oriented Community (TOC) Tier 3 building incentives in a Qualified Opportunity Zone. The sale includes unapproved schematics for a 39-unit apartment with a total of 99 bedrooms including a co-living space. The proposed plan consists of (4) 2-bed penthouses, (28) 2-bed and (7) 5-bed, co-living units as well as a rooftop open air deck and parking. This is an excellent opportunity to purchase a property that enables a savvy developer to offset their costs with in-place cash flow while the entitlement process is underway.
*Some units may be non-conforming. Buyer to verify.
The two-story building is a 6-unit* apartment located just south of Wilshire Blvd and west of Hoover Street in the prime Koreatown market of Los Angeles. The subject property is positioned close to two major metro stations at Westlake/MacArthur Park and Wilshire Vermont and within blocks from Wilshire Boulevard Business Center. This centrally located property is less than 5 miles from Downtown LA and less than 2 miles from the Historic Wiltern Theatre in Los Angeles. Built in 1922, this apartment contains 7,136 gross SF and is situated on 9,514 SF of land. The apartment features a unit mix of (2) one bed / one bath and (4) two bed / two bath units. All units are fully occupied with month-to-month leases.
Identified as an ideal development area to address chronic shortage of housing in the City of Los Angeles, the Leeward Avenue Project qualifies for high density Transit Oriented Community (TOC) Tier 3 building incentives in a Qualified Opportunity Zone. The sale includes unapproved schematics for a 39-unit apartment with a total of 99 bedrooms including a co-living space. The proposed plan consists of (4) 2-bed penthouses, (28) 2-bed and (7) 5-bed, co-living units as well as a rooftop open air deck and parking. This is an excellent opportunity to purchase a property that enables a savvy developer to offset their costs with in-place cash flow while the entitlement process is underway.
*Some units may be non-conforming. Buyer to verify.
