4509 Figueroa
Los Angeles, CA 90037
Land For Sale · 0.17 AC

Two tenants have verbally agreed to cash for keys. Potential possibility to vacate more units, too. Charming fourplex located on a large 7,502 square foot C2 TOC Tier 3 parcel in Vermont Square.  This is a rare opportunity to purchase a property that makes sense both as an existing building at a 5% cap rate, and as a development site allowing for 32 units + 9 ADU's using the TOC menu; or, 55 units as a 100% affordable project. As a development site, the C2 zoning with the TOC Tier 3 incentives allow a developer to build approximately 32 units and eight ADU's, totaling 40 units, making this asking price $27,500/buildable door- an impressive metric.  A developer can also pursue a 100% affordable project (no market rate units) and likely build 55 units on this property. As an existing building, the property exudes charm and character.  This two-story 1922-built structure has an attractive unit count with three 2-bedroom units, and one 1-bedroom unit with an average unit size of 856 square feet.  There are six parking spaces and ample open-space common area.  At the current asking price, the property is an attractive 5% cap rate, but has approximately 39% upside in income.