5617 Virginia Ave
Los Angeles, CA 90038
Multifamily Property For Sale · 4 Units

The subject property is located at 5617 Virginia Avenue in Los Angeles, California. Currently the property is a 4-Plex that totals 3,066 sq. ft. and was built in 1924. The unit mix consists of two (2) 1-bedroom/1-bathroom units and two (2) 1-bedroom/1-bathroom units plus dens. The rear of the property contains ample on-site parking and a two-car garage. This property located in Los Angeles' Hollywood submarket provides an investor with a number of current and future options to add tremendous value. Future opportunity presents itself with this property due to the development potential of the subject property and the current revitalization occurring and planned for the area. The subject property zoned LAR3 provided for 9 units by right, and which can be potentially increased to more units with a City approved Density Bonus. In addition, Los Angeles real estate firm CIM Group has plans to proceed with a large mixed-use complex directly across the street. CIM is proposing 375 residential units and more than 260,000 sq. ft. of retail and restaurant space at 5601 Santa Monica Boulevard which consists of the historic Sears Building that was built in the early part of the last Century. This future project stands to revitalize the neighborhood which creates substantial future upside and increase value for any development on the subject property.