659 Soto StLos Angeles, CA 90023

Property Details for 659 Soto St

Property type

Other commercial real estate

Property subtype

Other land

Description

This exceptional 4,404 square foot lot in Los Angeles, CA, presents a remarkable development opportunity. Located at 659-661 1/2 S Soto Street, 90023, this property boasts a prime location near the new 6th Street Bridge and the P.A.R.C. project, offering stunning downtown views. Currently zoned C1, the property has Ready-to-Issue (RTI) approved permits for a four-unit multifamily development, completely free from rent control and SB 8 restrictions (no low-income requirements). However, the recently adopted Boyle Heights Community Plan significantly enhances the property's potential. This rezoning allows for a mixed-use development with no building height restrictions and the possibility of up to 11 market-rate residential units as-of-right, or up to 20 units with a density bonus. The increased buildable square footage, now potentially reaching 13,203.6 square feet with the maximum bonus, unlocks substantial value. This "shovel-ready" site offers investors a unique chance to capitalize on the revitalization of Boyle Heights and the burgeoning demand for housing in the area. The APN is 5183-025-037. The asking price for this exceptional opportunity is $850,000.

Location Insight

City

Los Angeles

County

Los Angeles

State

California

Latitude

34.036

Longitude

-118.215

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