15003 Larch, Lawndale, CA 90260
sale
$1,799,000
|
Other
Courtesy Of Keller Williams Realty - L.A. Harbor
Prime Half-Acre Development Opportunity in Lawndale 0.49-Acre Lot | 6.89% Cap Rate | 10.04 GRM Located on approximately 0.49 acres in the City of Lawndale, this property offers an immediate income-producing opportunity with significant potential for future redevelopment. Current Use & Income: The property is currently operated as a rooming house/SRO (Single Room Occupancy), consisting of 16 rooms plus a separate one-bedroom house. The one-bedroom house has its own address at 15001, while the remaining units use the address 15003. The property currently generates approximately $14,965 per month in gross income, or $179,580 annually, providing immediate cash flow while allowing an investor to maintain the existing operation or explore future development options. Current investment metrics: Cap Rate: 6.79% GRM: 10.04 Gross Monthly Income: $14,965 Gross Annual Income: $179,580 Proposed Future Use: Multifamily Development: A professional Due Diligence/Best Use Report was commissioned to evaluate the property's redevelopment potential. According to the report prepared by Elevated Entitlements, the property presents a potential multifamily development opportunity. Based on the property's medium-density residential zoning and the potential application of AB 1287 density bonus provisions, the Due Diligence Report indicates the site may accommodate up to 19 residential units, including units designated as affordable housing. The report projects potential annual income of approximately $531,000 or more under the proposed multifamily development scenario. This creates the opportunity to acquire an income-producing property today while evaluating a potential transition to a higher-density residential use. Offering Memorandum and Due Diligence Report available upon request. Contact me for additional information and to review the materials prepared by Elevated Entitlements.
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Property Features
- Age: Over 50 Years Old
- MLSID: SB26057243
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