OFF MARKET Distressed Assets
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| Photo |  |
|---|---|
| Property Type | Land |
| Location | Los Angeles, California Map It |
| Title | OFF MARKET REO -Side by Side Vacant Lots for Multiple Development Possibilities In Ktown Area with Great Potential |
| Summary | Lender Owned Side by Side Vacant Lots Previously Entitled for 23 Condos in Desirable Area of Ktown Major Cross Streets Virgil Ave and 3rd St Near Silverlake, Echo Park and DTLA |
| Details | Property (A) 6950 SF and Property (B) 6812 SF - Total of 17,762 SF. Property consists of 2 side by side lots located just below the 101 Freeway and sits about 60 feet from an Opportunity Zone. Previous 2 properties were demolished and were entitled for 23 condos but borrower filed for bankruptcy and now the lender has taken the property back. |
| Income and Sales Details | Although the previous owner was making 23 condos, with current R3 zoning and TOC 3 ordinance it can be increased to 38 apartment units or with the Affordable Components can build 60 units. |
| Asking Price | $2,500,000.00 |
| Date Updated | February 11, 2025 |