$ 1,288,000
1324 South Westlake Avenue Los Angeles, CA 90006
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Listed by Rafael Gevorkian • JohnHart Real Estate
$ 1,288,000
Est. payment /mo
New
1324 South Westlake Avenue Los Angeles, CA 90006
4,232 SqFt
UPDATED:
11/20/2024 01:48 AM
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 4,232 sqft
Price per Sqft $304
MLS Listing ID GD-24237114
Year Built 1903
Lot Size 8,669 Sqft
Property Description
Discover an exceptional business opportunity in a prime Los Angeles location! Recently approved by the Historical Preservation Overlay Zone (HPOZ) and pending one final review with LADBS, the property's renovation plans include converting it to a 12-bedroom, 5-bathroom SFR. The scope of work features upgrades to plumbing, electrical (where needed), and roofing, as well as complete renovations of all bathrooms, kitchen, flooring, and paint throughout, enhancing fit and finish in every room. This historical Craftsman property in the heart of Pico-Union District currently stands as an 11-room rooming house with 5 bathrooms and offers substantial rental income potential. Located minutes from USC, Downtown LA, Crypto Arena, and Koreatown, it's perfectly positioned for student housing, short-term renters, or urban professionals. With flexible LARD1.5 zoning, permitted uses of the home include Boarding House, Hotel, Transient Lodgings, and Hostel. However, Investors have the unique advantage of maximizing income potential by also tapping into Los Angeles city programs to fund housing for the homeless in all 12 bedrooms, creating income while positively impacting the community, or develop the property as housing for USC students and other nearby colleges and trade schools. Income potential from multiple sources. This property is ideal for investors seeking stable income and potential future development in one of LA's most vibrant neighborhoods. Don't miss out on owning a piece of LA history with high-yield potential!
Location
State CA
County Los Angeles
Zoning LARD1.5
Interior
Laundry Inside
Exterior
Garage Uncovered
Pool None
Community Features Sidewalks
View Y/N No
View None
Building
Lot Description 0-1 Unit/Acre
Sewer Public Sewer