3042 Royal St
Property Description
We are pleased to present 3042 Royal St., an exceptional development opportunity in one of the most sought-after pockets of the USC student housing market, just steps from USC Village and the University of Southern California. Situated on a 5,424 SF lot with valuable alley access, the property offers a rare combination of location, zoning, and development flexibility. Located in an area where well-designed student housing can command premier rents, the property offers developers multiple potential paths to maximize the site. LAR3-zoned development sites are extremely rare within the USC student housing submarket, making the property particularly attractive for developers seeking density in a highly constrained location. The property allows for up to 6 units by right plus ADUs and is also located within a TOC Tier 3 designation, providing the potential for up to 12 TOC units plus ADUs, subject to buyer verification. Importantly, the property has been vacant for more than five years, potentially allowing a developer to redevelop the site without replacement affordable housing requirements and pursue a fully market-rate student housing project, subject to buyer verification. Alternatively, a buyer may explore renovating and expanding the existing approximately 1,566 SF structure, creating additional density while preserving and enhancing the existing improvements. With strong housing demand driven by USC, the potential to achieve premier student housing rents, LAR3 zoning, TOC Tier 3 incentives, alley access, and multiple redevelopment strategies, 3042 Royal St. represents a compelling opportunity to develop or reposition a property in the heart of the USC student housing market.
Broker Details
KELLER WILLIAMS BEVERLY HILLS REALTY (310) 432-6400
MLS ID: C136898 State License Number: 02116849
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | 2-4 Units |
| Price: | $1,395,000 |
| No. of Units: | 2 |
| Year Built: | 1906 |
| Lot Size: | 1,566.00 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $697,500 |
| Property Website | Click Here |
| Number of Bedrooms: | 3 |
| Number of Bathrooms: | 2 |
ID: 3yd-CLAWCA-26874413
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