503 W Athens Blvd 0.62 Acres of Residential Land Offered at $1,199,000 in Los Angeles, CA 90044

Kingside Investment Group is proud to present a development offering consisting of two adjacent parcels located at 503 W. Athens Boulevard (90044) and 12127 S. Figueroa Street (90061) in South Los Angeles. Together, the sites total 27,206 square feet of R3-1 zoned land with 4,753 square feet of existing improvements, making this a compelling redevelopment or long-term hold opportunity.
The building in the rear of the parcel is a 5 unit apartment building consisting of two (2) 1-bed/1-bath units and three (3) 2-bed/1-bath units. Per zimas the units are not subject to rent control but the buyer will have to verify this fact. In the front of this building there is also a garage space that was converted to a motel office that could be a great play for an ADU. The units are not habitable in present condition but can be restored if needed.
The front building is an old motel. This structure has no fixtures in it and has been vacant for many years. This likely is a tear down which makes this a unique opportunity to renovate a few units in the back and build a new structure in the front.
The combined purchase price is $1,199,000, reflecting a blended land basis of approximately $44.16 per square foot. Both parcels are ED1-eligible sites, offering the potential for an expedited entitlement and approval process, which can significantly reduce development timelines and execution risk.
With R3-1 zoning, minimal improvement value, and strong assembly fundamentals, the property is well positioned for a multifamily or affordable housing development. For the construction inclined buyer it could also be a reuse of the existing structure.