DEVELOPER’S DREAM LOCATED ON THE CRENSHAW CORRIDOR OPPORTUNITY ZONE – VIEW PARK
INVESTMENT HIGHLIGHTS:
Highly Motivated Seller – $1,599,000
Located in the Crenshaw Corridor Opportunity Zone (tax incentives for long-term investors) adjacent to prominent View Park neighborhood
Front line of the brand new $2.1 Billion LAX/Crenshaw Metro K Line – walking distance to Leimert Park and Hyde Park Stations
Zoned C2-2D-SP
TOC TIER III
9,148 sq ft lot (approx: 60′ frontage X 152.46′)
Conveniently Located in Between the SoFi Stadium (4 miles away), The Forum (4 miles away) and the BMO Stadium (3 miles away)
Pre-Pandemic due-diligence (2019): Build 20 units by right or 40 units taking advantage of TOC incentives! With new city incentive programs since then (such as, but not limited to SB9, AB-1763, ED-1), a Developer might be able to expedite and/or apply for a higher density bonus. Buyer to verify with appropriate professional(s).
Eased Parking Restrictions: No Parking required due to close proximity to LAX/Crenshaw Metro K Line stations
Current improvements: SFR (5106) 4 bed / 2 bath – 1,946 sq ft + Garage Converted ADU (5108) Studio / 1 bath – 360 sq ft (COO dated 5/3/23)
Fully-occupied: 4bd/2ba rented at $4,800/month + ADU rented at $1,900/month
NOI: $58,447; Expenses: $21,953 (Property Taxes at List Price and Insurance); CAP: 3.77%; GRM: 19.27
Benefit from Residential vs Commercial Financing!
Endless possibilities: a). Collect instant rental income from day 1 while you wait for the entitlement process & break-ground on construction once RTI; b). Or, Hold & Collect a steady income stream & simply sell down the road with plans attached; c). Or, Build 8-10 townhome bi-level units; d). Alternatively, go the 100% affordable route or ED1; e). Or, perhaps your vision is to build something that is missing in the vicinity, such as: a car wash; bakery; coffee shop; meat market or deli; cleaners; drug store; parking lot; nursing home; your favorite restaurant – zoning permitted uses are extensive!
Exciting new developments in the area include, but not limited to:
5300 Crenshaw Blvd – lot sold for $5,250,000 – 82 units under construction
5144 Crenshaw Blvd – 79 units under construction
5110 Crenshaw Blvd – 30 units
5126 Crenshaw Blvd – lot sold for $5M
2922 Crenshaw Blvd – Three-story: 87,000-square-foot office building
3894 Crenshaw Blvd – 104 units
4252 Crenshaw Blvd – 111 units
4827 Crenshaw Blvd – 32 units
4605 Crenshaw Blvd – 195 units
4421 Crenshaw Blvd – 101 units
4220 Crenshaw Blvd – 124 units
5960 Crenshaw Blvd – 38 units
6144 Crenshaw Blvd – 25 units
5365 Crenshaw Blvd – 48 units
$1 Billion redevelopment of the Baldwin Hills Crenshaw Plaza Mall
Crenshaw Crossing: 3630 S. Crenshaw Boulevard / 3606 W. Exposition Boulevard – construction of two podium-type buildings consisting of 401 units
