S Western Ave / W 35th Pl
Entire block available for redevelopment near USC
Marketing description
Unentitled mid-rise multifamily development opportunity near USC. Architect analysis showed a maximum 295 unit count for a 5-story mid-rise build with type IIIB construction, resulting in a land cost per unit of $20,169.
The primary site for sale includes three (3) contiguous parcels totaling 40,769 SF of land zoned C2-2D-O-CPIO. The corner lot (contiguous with the primary site) is owned by a separate seller and can also be delivered for an asking price of $1,300,000. The corner lot would add an additional 5,857 SF of land, bringing the total size of the assemblage to over one (1) acre.
This site presents an increasingly rare opportunity to secure an entire block ripe for development within the inevitable path of USC's continual westward expansion. Call broker for more information.
Investment highlights
$20,169 per DOOR land cost - build 295 units on the primary site
PRICE REDUCED - highly motivated seller
CURRENT INCOME - approx $19,000 per month gross - all tenants are month-to-month
RARE ENTIRE BLOCK - corner parcel can also be delivered for $1.3M, which would complete the block
USC ADJACENT - located only 1 mile directly west of campus and next to a multititude of recent off-campus housing developments
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