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Multifamily Vacant-User

324 W 51st St

324 W 51st St, Los Angeles, CA 90037

Listing Price: $1,095,000

Number of Units
4
Price/Unit
$273,750
Price/Gross SF
$279.62
Gross SF
3,916

Investment Overview

Marcus & Millichap is pleased to present a unique value-add development opportunity located at 324 West 51st Street in Los Angeles, California. The site currently consists of a fully vacant 4-unit multifamily property totaling 3,916 square feet and sits on a single parcel totaling 5,508 square feet (.13 acres) zoned LARD2 with Tier 1 TOC Bonus.

The offering comes complete with RTI plans approved for 2 of the 4 existing units that permit the new investor to upgrade the units from 1 Bedroom / 1 Bath to (1) 3 Bedroom / 1 Bath, and (1) 3 Bedroom / 1.5 Bath. Identical plans have been submitted to the city for the remaining two units as well and are expected to be approved in a matter of weeks. Additionally, plans have been submitted to the city that would permit the new investor to add two (2) detached, 641.5 square foot ADUs behind the existing structure. The LID clearance is the final clearance left to pass before these plans become RTI as well. Once everything is approved, the project will be set for the Buyer to transform the property into a newly renovated 6 unit apartment with a total square footage of 5,200. The addition
of the ADUs combined with the unit conversions will heavily increase the property's value and allow the new investor to collect significantly higher rents than what would have been possible before.

With the Summer Olympics coming to Los Angeles in 2028, as well as the recent opening of the nearby SoFi Stadium in Inglewood, the subject property will benefit greatly by being situated in one of the most quickly gentrifying pockets in the city. The continued growth that's expected in the property's vicinity will promote the creation of capital, tourism, jobs, and an influx of skilled workers which will serve as a great benefit to the new investor for years to come.

What makes this offering most attractive is that all the pieces are nearly in place for the new investor to quickly capture significant upside, both in terms of potential rents, and property value. The road map that's being put in place will result in hundreds of thousands of dollars in profit in a short period of time, much less time than what could be expected as achievable across most other investment vehicles.

Given the fact that most of the legwork involved with getting the project approved by the City has already been done, the new investor will be able to begin work on the renovations right away and will allow them to reap the benefits of a major value-add project without having to endure the hassle of dealing with the City and Planning Department themselves.

Investment Highlights

  • Built in 1922
  • Sold with All Units Vacant
  • RTI Plans for 2 ADUs
  • RTI Plans Upgrade Current Units
  • Pro Forma Value of $1.9M
  • Walk Score of 75

Exclusively Listed By

Financing By

Multifamily Vacant-User

324 W 51st St

Listing Price: $1,095,000

Number of Units
4
Price/Unit
$273,750
Price/Gross SF
$279.62
Gross SF
3,916

Investment Highlights

  • Built in 1922
  • Sold with All Units Vacant
  • RTI Plans for 2 ADUs
  • RTI Plans Upgrade Current Units
  • Pro Forma Value of $1.9M
  • Walk Score of 75

Investment Overview

Marcus & Millichap is pleased to present a unique value-add development opportunity located at 324 West 51st Street in Los Angeles, California. The site currently consists of a fully vacant 4-unit multifamily property totaling 3,916 square feet and sits on a single parcel totaling 5,508 square feet (.13 acres) zoned LARD2 with Tier 1 TOC Bonus.

The offering comes complete with RTI plans approved for 2 of the 4 existing units that permit the new investor to upgrade the units from 1 Bedroom / 1 Bath to (1) 3 Bedroom / 1 Bath, and (1) 3 Bedroom / 1.5 Bath. Identical plans have been submitted to the city for the remaining two units as well and are expected to be approved in a matter of weeks. Additionally, plans have been submitted to the city that would permit the new investor to add two (2) detached, 641.5 square foot ADUs behind the existing structure. The LID clearance is the final clearance left to pass before these plans become RTI as well. Once everything is approved, the project will be set for the Buyer to transform the property into a newly renovated 6 unit apartment with a total square footage of 5,200. The addition
of the ADUs combined with the unit conversions will heavily increase the property's value and allow the new investor to collect significantly higher rents than what would have been possible before.

With the Summer Olympics coming to Los Angeles in 2028, as well as the recent opening of the nearby SoFi Stadium in Inglewood, the subject property will benefit greatly by being situated in one of the most quickly gentrifying pockets in the city. The continued growth that's expected in the property's vicinity will promote the creation of capital, tourism, jobs, and an influx of skilled workers which will serve as a great benefit to the new investor for years to come.

What makes this offering most attractive is that all the pieces are nearly in place for the new investor to quickly capture significant upside, both in terms of potential rents, and property value. The road map that's being put in place will result in hundreds of thousands of dollars in profit in a short period of time, much less time than what could be expected as achievable across most other investment vehicles.

Given the fact that most of the legwork involved with getting the project approved by the City has already been done, the new investor will be able to begin work on the renovations right away and will allow them to reap the benefits of a major value-add project without having to endure the hassle of dealing with the City and Planning Department themselves.

Exclusively Listed By

Financing By

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