701 Vernon AveLos Angeles, CA 90037
- Commercial land
- 3,000 SF
Property Details for 701 Vernon Ave
- Year built
- 1925
- Lot size
- 0.22 AC
- Property size (Sq ft)
- 3,000 SF
- Zone code
- LAC2
- Property type
- Commercial land
- APN
- 5019-009-030
- APU
- 5019009030
Description
This exceptional multifamily investment opportunity presents a 40-unit apartment building located at 701 & 649 W. Vernon Ave, Los Angeles, CA 90037. The property boasts a total of 22,794 square feet and sits on a 9,619 square foot lot. The building is a four-story structure, zoned C2-1VL-CPIO, and comprises 40 units. The unit breakdown includes 6 Type V-A units designated for low-income residents under Schedule VI, 33 units for low-income residents under Schedule I, and 1 manager's unit. This entirely privately funded project, without tax credits or public housing involvement, offers a unique investment prospect in a prime location approximately one mile from the University of Southern California (USC). The property's APN is 5019-009-030. This is a pre-RTI (Rent-to-Income) project, offering a strong potential for future appreciation. The asking price for this significant multifamily asset is $3,000,000. This represents a compelling opportunity to acquire a well-positioned, affordable housing complex in a thriving Los Angeles neighborhood. The property's location and the strong demand for affordable housing in the area make this a highly attractive investment.
Valuation
by Paperhouses methods
- Valuation date:
- Dec 11, 2024
-
Alternative Use
- Use
- Valuation
- Residential
- $994,922
- Hospitality
- $911,343
- Educational
- $758,227
- Medical
- $784,303
- Retail
- $1,179,464
Location Insight
- City
- Los Angeles
- County
- Los Angeles
- State
- California
- Latitude
- 34.004
- Longitude
- -118.286
- CBSA code
- 31080
- CBSA name
- LOS ANGELES-LONG BEACH-ANAHEIM, CA METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
FAQs
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