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$ 3,495,000
Est. payment | /mo
$ 3,495,000
Est. payment | /mo
Key Details
Property Type Vacant Land
Sub Type Lots/Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID P1-23480
Property Sub-Type Lots/Land
Property Description
Located in the heart of the NoHo Arts District, 11448 Cumpston Street presents a rare opportunity to acquire a multifaceted asset on a +/-13,355 SF lot with immediate value-add potential and long-term development upside. Currently operating as a 15-unit apartment complex, the property features a unit mix of (12) 1-bed / 1-bath units, (2) studio / 1- bath units, and (1) 2-bed / 2-bath unit, totaling +/-8,991 SF of rentable space. Originally built in 1963, the building offers copper plumbing and a newer roof (buyer to verify).With one current vacancy, an investor who leases up the unit can achieve a projected monthly gross rental income of approximately $19,733.08. Additionally, the lot's zoning andlocation offer the potential for up to 60 new units through ground-up development--positioning this as a compelling play for either repositioning or redevelopment.The property qualifies for Tier 6 Section 8 rents and is situated within a Highest Resource Area, which maximizes incentives and density for affordable and mixed-income housing. Whether you're seeking a value-add multifamily investment with upside, exploring ADU additions, or planning a larger multifamily build, this property is strategically positioned in one of Los Angeles' most dynamic rental submarkets.
Location
State CA
County Los Angeles
Direction Located on Cumpston Street, north of Chandler Boulevard, and West of Tujunga Avenue
Interior
Fireplace No
Exterior
View Y/N No
Others
Tax ID 2350010035
Listed by Casey Picard Keller Williams Realty
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Martina McKinney
REALTOR® | Lic# 02053849