CALL FOR OFFERS - SUBMIT ALL OFFERS ON OR BEFORE FEBRUARY 13TH AT 5 PM

RTI 48 Unit Development Site Or Upwards 74 Units Under TOC

Property Highlights

  • CALL FOR OFFERS - Submit All Offers On or Before February 13th at 5 PM
  • Fully Entitled and Vacant RTI Koreatown Site for 48 Units
  • Potential to Re-Entitle for Upwards of 74 Units Under TOC
  • By Right Entitlements-No Low Income Units
  • Projected 5.8% Yield and $4.2 Million Profit
  • 118 Feet of Frontage on a Wide Boulevard

Property Description

CALL FOR OFFERS - Submitted All Offers On or Before February 13th at 5 PM

The Occidental Development Site is a fully entitled 48 unit multi-family development site that includes approved plans. The property is situated in the city of Los Angeles transit-oriented communities (TOC) zone 1. The property could be re-entitled for upwards of 74 units. The property is ready for immediate construction as it is currently in RTI condition. No low income units are required as the property was entitled by-right with no density bonus and the existing structures are vacant and ready for demolition. The approved plans consist of 48 units in a structure that is four stories of apartments over one level of on-grade parking and one level of subterranean parking for a total of 72 vehicles. The unit mix consists of 32

one-bedrooms with one-bathroom averaging 645 square feet and 16 units that are two-bedrooms with two-bathrooms averaging 966 square feet per the plans. Buyers are to verify the development potential of the property and review the plans as well as all costs involved in the proposed development independently. The property is situated in the Koreatown area of Los Angeles just west of Downtown and close to the border of

Echo Park.

Renderings

Location Description

Maps / Aerial

Contact Us To Learn More

Brent Sprenkle

Senior Managing Director

phone: 310.470.4892

email: brent.sprenkle@berkadia.com

CA BRE License #01290116

Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc.

In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116.  For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.aspx

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