We are pleased to present 2861 Leeward Ave - a ten (10) unit multifamily and future development opportunity located in prime Koreatown. The current wood frame stucco bungalow style units are situated on a large 10,828 SF corner lot zoned LAR4-2. The property is also located in a Tier 3 TOC zone which allows for a density bonus and for additional units to be built. Located in one of the densest areas in the United States, 2861 Leeward Ave presents an unbelievable opportunity for a potential investor to develop new apartment units now or in the future. The large 10,828 SF lot would allow a developer to build up to 27 units by right and up to 48 units with the TOC (transit oriented communities) bonus with no height restrictions (Buyer to verify). Furthermore, the corner location of the lot on Leeward and Magnolia allows for easier ingress and egress for a potential new structure. The property currently features: Six (6) One Bedroom / One Bath units, and Four (4) Two Bedroom / One Bath units. The units are all individually metered for gas and electric. Further, the property provides four (4) gated parking spaces, secured entry for the tenants, and an on-site laundry room that provides additional income. Most importantly, the large square footage of the lot and the corner location provide for an incredible development opportunity in an area that is seeing unbelievable expansion. Koreatown has been experiencing tremendous growth over the years and boasts one of the most highly diverse neighborhoods in California. There are several new construction projects being developed in the immediate area and this would be a fantastic location for a developer to realize their dream project. Don't miss this unique opportunity to own and develop real estate in one of the hottest rental markets in Los Angeles.
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