1223 West Court Street
$2,400,000
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Description
Emerging Area - Multi-family Property For Sale - 21,750 Sq. Ft. Contiguous Land! This incredible assemblage of three parcels (APN 5160-022-034, 035, 036) total approximately 21,750 SF (0.5 Acres) of land and also includes an existing 8-unit apartment building. All units are 2bd/1ba. Two units are currently vacant and in need of renovation. Those two units will be delivered as-is. This year the roof was replaced and the building exterior was painted. The site is located in the Westlake neighborhood...Emerging Area - Multi-family Property For Sale - 21,750 Sq. Ft. Contiguous Land! This incredible assemblage of three parcels (APN 5160-022-034, 035, 036) total approximately 21,750 SF (0.5 Acres) of land and also includes an existing 8-unit apartment building. All units are 2bd/1ba. Two units are currently vacant and in need of renovation. Those two units will be delivered as-is. This year the roof was replaced and the building exterior was painted. The site is located in the Westlake neighborhood in Los Angeles just West of Downtown Los Angeles. Over the last five years the area has seen a great renewal with hundreds of new units built within a few blocks of the subject site. Residentially dense zoning, described below, allows for many development strategies for the three parcels all while generating cashflow from the existing rental units. Possible development examples: Add units to the existing apartment site under current zoning or ADU legislation. Build new units on vacant parcels. Demolish existing building and develop entire acreage Land bank vacant lots for future development
Zoning: R4(CW)-75/3-0 (Density 400 SF of Land/Dwelling Unit, 75' Height Limit, 3.0 FAR)
Key Highlights:
Central Location - A short uber ride to Crypto.com Arena, Dodger Stadium, the Music Center, The Broad Museum, Echo Park, Chinatown, Little Tokyo
Views - Stunning city light views of the Downtown Los Angeles skyline. Emerging Area - Within a few blocks of the site there are close to 500 new units across 7 new apartment communities and even more beyond that immediate area. Contiguous Parcels- A substantial plot of contiguous land, ideal for residential development projects
Multi-family Zoning - Existing zoning allows high density multi-family communities. TOC Tier 2 - City of Los Angeles Transit Oriented Communities Affordable Housing Incentive Program. Tier to be verified with current transportation services. QCT - Site is within QCT designated areas that are sought after by affordable housing tax credit developers (Qualified Tracts Area per 2024 HUD map). Don't miss out on this exceptional opportunity in this emerging market!
Zoning: R4(CW)-75/3-0 (Density 400 SF of Land/Dwelling Unit, 75' Height Limit, 3.0 FAR)
Key Highlights:
Central Location - A short uber ride to Crypto.com Arena, Dodger Stadium, the Music Center, The Broad Museum, Echo Park, Chinatown, Little Tokyo
Views - Stunning city light views of the Downtown Los Angeles skyline. Emerging Area - Within a few blocks of the site there are close to 500 new units across 7 new apartment communities and even more beyond that immediate area. Contiguous Parcels- A substantial plot of contiguous land, ideal for residential development projects
Multi-family Zoning - Existing zoning allows high density multi-family communities. TOC Tier 2 - City of Los Angeles Transit Oriented Communities Affordable Housing Incentive Program. Tier to be verified with current transportation services. QCT - Site is within QCT designated areas that are sought after by affordable housing tax credit developers (Qualified Tracts Area per 2024 HUD map). Don't miss out on this exceptional opportunity in this emerging market!
- Listed by Roger D Phillips • DRE #01057506 • Keller Williams Realty
- Listed by James Robert Maceo III • DRE #01917022 • Keller Williams Realty
Amenities
- Air Conditioning
LISTING UPDATED: 12/02/2024 11:03 AM
Property Details for 1223 West Court Street
Status | Active |
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MLS # | P1-18664 |
Days on Market | 148 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Commercial Sale / Multi Family |
Year Built | 1962 |
Lot Size | 0.50 AC / 21,750 SF |
County | Los Angeles County |
Building Information for 1223 West Court Street
Stories-Residences-Year Built1962Building Size-Lot Size0.50 AC / 21,750 SF
Property Information for 1223 West Court Street
Property History for 1223 West Court Street
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 1223 West Court Street
Taxable ValueLand$32,416Additions$99,957Total$132,373
Tax Record2024$2,715 ($226 / month)
Home Facts
Total Finished SqFt5,364 SqFtAbove Grade Finished SqFt5,364 SqFtLot Size7,250 SqFtStyleMulti-Family Res (5+ Units)Year Built1962ZoningLACWCountyLOS ANGELESAPN5160-022-035
Schools near 1223 West Court Street
This home is within Los Angeles Unified School District.
Rating | School | Type | Grades | Distance |
---|---|---|---|---|
Public - | K to 5 | |||
Public - | 6 to 8 | |||
Public - | 9 to 12 | |||
Public - | 9 to 12 |
Rating | School | Distance |
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Betty Plasencia Elementary School PublicK to 5 | ||
Sal Castro Middle School Public6 to 8 | ||
Belmont Senior High School Public9 to 12 | ||
Miguel Contreras Learning Complex 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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