Description
We are pleased to present 1310 S St. Andrews Place in Mid-City. Owner will carry financing with 35% down payment. Great opportunity to develop 43 units adjacent to Koreatown. Excellent price per unit of approximately $66k. Based on recent sales, an investor will have an incredible return on their investment! The completed building may have an approximate value of $18 million, thereby generating a net profit of around $4.5 million (approximately 33% profit ratio) to an investor if sold. The projected gross annual rental income will also be over approximately $1.1 million. The 13,141 sq. foot lot is fully entitled and the owners are just months away from attaining ready to issue (RTI) permits! The building will feature subterranean parking, a beautiful lobby, elevator, bicycle room, and rooftop deck with a view of the City. The building will consist of ten 2 bedroom/2 bath units, twenty-eight 1 bedroom/1 bath units, and five singles. The units will range from approximately 400-860 sq. ft each and the rentable sq. ft. of the finished building will be about 26,862 sq. ft. This is a rare opportunity not to be missed!
Location
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Listing Agent: Anie Mayelian Courtesy of: Equity Union The real estate listing information is provided by California Regional MLS, Inc. and/or CARETS® for the consumer’s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing or leasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (IDX) program of the California Regional MLS, Inc. and/or CARETS®. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns the web site. Information is deemed reliable but not guaranteed, and consumer is responsible for verifying the accuracy of all information. Copyright © California Regional MLS, Inc. and/or CARETS®. All Rights Reserved. Updated: 22nd March, 2023 9:50 AM (UTC)
