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$ 1,250,000
Est. payment | /mo
6 Beds
2 Baths
3,001 SqFt
$ 1,250,000
Est. payment | /mo
6 Beds
2 Baths
3,001 SqFt
Key Details
Property Type Single Family Home
Sub Type Single Family Residence
Listing Status Active
Purchase Type For Sale
Square Footage 3,001 sqft
Price per Sqft $416
MLS Listing ID CL26845909
Bedrooms 6
Full Baths 2
HOA Y/N No
Year Built 1914
Lot Size 5,990 Sqft
Acres 0.1375
Property Sub-Type Single Family Residence
Property Description
Exceptional opportunity in the heart of Koreatown! Located within a designated Opportunity Zone and benefiting from R4-2 zoning with TOC Tier 3 incentives, 2961 W 8th Street offers investors and developers significant upside in one of Los Angeles' most active rental and redevelopment markets. The property features an approximately 3,000 SF, 6-bedroom, 2-bathroom residence situated on a 5,990 SF lot. The existing home offers significant square footage and multiple possibilities for renovation, repositioning, multi-generational living, rental income, or interim cash flow while planning future development. A major highlight of the offering is the inclusion of RTI (Ready-to-Issue) plans for a 100% affordable 44-unit apartment development consisting of 43 one-bedroom units and 1 studio unit. Offered at approximately $28,500 per approved unit, the property presents a rare opportunity for developers to immediately move forward with a fully approved project in one of Los Angeles' strongest rental markets. Alternatively, buyers may capitalize on the existing residence through renovation, rental income, ADU expansion potential (buyer to verify), or other value-add redevelopment strategies. Ideally located on the highly visible 8th Street corridor between Vermont Avenue and Westmoreland Avenue, the property is just blocks from Wilshire/Vermont Metro Station, Zion Market, and countless dining, retail, and entertainment options. With a Walk Score of 96 and convenient access to Downtown LA, USC, and major employment centers, the location is second to none. Delivered VACANT at the close of escrow and sold AS-IS. Buyer to verify all zoning, development potential, RTI approvals, ADU potential, and property information.
Location
State CA
County Los Angeles
Zoning LAR4
Interior
Fireplaces Type None
Fireplace No
Laundry Inside
Exterior
Pool None
View Y/N false
View None
Private Pool false
Building
Story 2
Architectural Style Craftsman
Level or Stories Two Story
New Construction No
Others
Tax ID 5077018002
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Listed by Daniel Shamooelian • Keller Williams Beverly Hills
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