1046 North Genesee Avenue
$1,950,000
6,660 / 0.15
Description
We are proud to present this REO redevelopment listing in prime West Hollywood, CA. Located at 1046 N Genesee Ave, this 0.15 acre lot currently has a vacant single family house on it, and is perfect for the development of luxury condo or small lot homes. With the R3 zoning, a developer can build up to 5 units/condos by right. Furthermore, this property could be perfect for SB 684, which is a new California law enacted in October 2023 that streamlines the approval process for development projects...We are proud to present this REO redevelopment listing in prime West Hollywood, CA. Located at 1046 N Genesee Ave, this 0.15 acre lot currently has a vacant single family house on it, and is perfect for the development of luxury condo or small lot homes. With the R3 zoning, a developer can build up to 5 units/condos by right. Furthermore, this property could be perfect for SB 684, which is a new California law enacted in October 2023 that streamlines the approval process for development projects of 10 or fewer units on urban lots under 5 acres. The buyer could also choose to build up to 12 apartment units utilizing AB 1287, the new 2023 California State Density Bonus Law which enables projects to obtain up to 100% density bonus by providing affordable units. For a 12 unit project on this site, at least 15% of the units would need to be set aside for very low income tenants. That means the buyer could build a 12 unit project on this site with 10 market-rate units and 2 very-low-income units. The seller, who's the lender that recently foreclosed on this lot, is willing to give extremely attractive financing to a qualified developer for 2+ years, enough time to bridge the gap from close of escrow to the funding of the construction loan. They're willing to give a high leveraged loan with interest-only payments at rates significantly below market. Give us a call or email to learn more about this seller financing option.
- Listed by Filip Niculete • DRE #01905352 • Brokerage DRE #01238010 • Marcus & Millichap
- Listed by Glen Scher • DRE #01962976 • Brokerage DRE #01238010 • Marcus & Millichap
Property Details for 1046 North Genesee Avenue
Zoning
WDR3C*
Parcel Number5530015011
AreaWest Hollywood Vicinity (C10)
Lot Size Area6660
Source Lot Size AreaVendor Enhanced
Assessor Parcel Number5530-015-011
DirectionsGenesee & Santa Monica
LISTING UPDATED: 09/13/2024 03:09 PM
Property Details for 1046 North Genesee Avenue
Status | Active |
---|---|
MLS # | 24-439631 |
Days on Market | 7 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Land |
MLS Type | Land Lot |
Year Built | - |
Lot Size | 0.15 AC |
County | Los Angeles County |
Building Information for 1046 North Genesee Avenue
Lot Size0.15 AC
Property Information for 1046 North Genesee Avenue
Property History for 1046 North Genesee Avenue
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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For completeness, Compass often displays two records for one sale: the MLS record and the public record.
Public Records for 1046 North Genesee Avenue
Taxable ValueLand$1,405,551Additions$351,386Total$1,756,937
Tax Record2023$21,268 ($1,772 / month)
Home Facts
Beds3Total Finished SqFt1,195 SqFtAbove Grade Finished SqFt1,195 SqFtStories1Lot Size6,658 SqFtStyleSingle Family ResidenceYear Built1920ZoningWDR3C*CountyLOS ANGELESAPN5530-015-011
Schools near 1046 North Genesee Avenue
This home is within Los Angeles Unified School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | K to 8 | |||
Public - | 9 to 12 | |||
Public - | 7 to 12 | |||
Public - | 9 to 12 |
Rating | School | Distance |
---|---|---|
Laurel Elementary School PublicK to 8 | ||
Fairfax Senior High School Public9 to 12 | ||
West Hollywood Opportunity School Public7 to 12 | ||
Whitman Continuation School Public9 to 12 |
School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.
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