RTI development opportunity for 40 units

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Address: 1040 S Union Ave, Los Angeles, California, US
Created date: October 12, 2023
Date last updated: October 12, 2023

Property Description

We are proud to exclusively present for sale a development opportunity for 40 units. Currently, there are 3 side-by-side vacant buildings on site with 11 units. Sellers have approved RTI plans to subdivide the 3 buildings into 22 units & conceptual drawings to add an additional 18 units in the rear. Start remodeling the front structures while entitling the development in the back! Have income from the front during construction of the new 18 units in the back! The property is ED1 eligible and zoned R4-1-HPOZ Tier 3. Walk Score calls this area a Walker's Paradise with Excellent Transit! Just a hop and a skip to Downtown LA, the Subway Metro Station, Crypto.com Arena, the 110 and 10 freeways and countless hospitality options. The property is adjacent to an Elementary School and close to parks. Lots of jobs in the area and a high demand for housing. Existing 11,874 SF of Structures - 18,738 SF of Land. Listing includes 3 addresses and 3 APNs: 1030 S. Union Ave. - 5137-015-012, 1036 S. Union Ave. - 5137-015-014, 1040 S. Union Ave. - 5137-015-016.

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Multifamily type: Apartments
Price: $4,500,000
No. of Units: 40
Lot Size: 4.30 Acres
Opportunity Zone: No
Price per unit: $112,500
Address: 1040 S Union Ave, Los Angeles, California, US

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