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516 N Virgil Ave, Los Angeles,CA 90004 For Sale

$ 1,985,000.00

Description

Titled Dev. RTI Licensing Opportunity! Rarely found THE R3, TOC (TRANSFORMATION COMMUNITY) TIER 3 LOCATED IN THE OPPORTUNITY ZONE within sight of the HOLLYWOOD SIGN. TOC Planning has approved a 16-unit apartment building (with the possibility of adding 4 ADUs) that could become a total of 20 units. One of the best opportunities to build 20 apartments with all architectural plans, 2 of the apartments for low-income use through TOC Level 3 incentives from the City Los Angeles. The property will be given RTI. The project is titled as a Letter of Decision from the Los Angeles Department of City Planning. The plans were submitted to the Department of Buildings and Safety and are in the process of plan verification, going through the final stages of the RTI permitting process. Sales at this stage are said to be higher than the ITR because the buyer can make changes if they want. This property is in a prime Silver Lake/Echo Park location, minutes from the restaurants and nightlife of Sunset Boulevard with HOLLYWOOD SIGN VIEW. Desirable location in Los Angeles with easy access to Hollywood, Downtown Los Angeles, Sunset Junction, Echo Park and the 101 Freeway. Investors, you don't need to wait long to get the building permit as the confirmation letter is already there and the plans have been submitted to the building and safety department to get the RTI status. If you don't want to waste your precious time, take advantage of this available opportunity.

Property Details
  • Property ID: #34
  • Property Type: N/A
  • Area: 1,036.00
  • Livable Area: 0.00 Sq Ft
  • Property Price: $ 1,985,000.00
  • Structure: Houses / Interiors / Housing
  • Sub Structure: Houses
  • Age: N/A
  • Built In: N/A
  • Country: USA
  • State: California
  • City: Los Angeles
  • Postal Code: 90004
  • Face: N/A
  • Price Negotiable: yes
  • Total Floor: N/A
  • Property on Floor: N/A
  • Floor: N/A
Interior Features
  • Beds: 3
  • Bathroom: 1
  • Laundry: N/A
  • Furnishing: N/A
Exterior Features
  • Architectual Style: N/A
  • Roof: N/A
  • Construction Material: N/A
  • Foundation: N/A
  • New Construction: no
  • Property Condition: N/A
Amenities
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  • Land Info
  • Home Features
  • School Information
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Garage/Parking
  • Total Parking: N/A
  • Garage Space: N/A
  • Parking Feature: N/A
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  • Heating Feature: N/A
  • Cooling Feature: N/A
  • Service: N/A
  • Pet Policy: N/A
Lot Info
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  • Lot Feature: N/A
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