$758.93 Per Sq Foot $3,650 est/mo Sourced by Back At You

9811 S Vermont Avenue,Los Angeles, CA 90044

Los Angeles CA, 90044

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Description

SCREAMING DEAL! Income of $3,200 for commercial use of the lot for storage purposes PLUS an additional $2,000 for the lease of a sign at the corner of the lot totaling $62,400 per year! Buy it for its income stream alone or collect income while you entitle it for redevelopment. Almost a 9% cap rate based upon gross income with zero maintenance and management expenses! The sign lease is on a month to month basis and can be increased or terminated at any time. Seller states that the sign has been there for years, used by the same lessee, and the lessee desires to continue to lease it if it is offered to the lessee by the buyer. If desired, the sign can be removed by the buyer at any time in the future but it should not obstruct any development should it remain in place based upon it being located at the very corner of the lot. Lease of the lot terminates on June 30, 2024 but the ownership states they believe the tenant would prefer to renew at expiration. Great opportunity to own a rare flat level lot zoned C3 for commercial and residential uses. Although sold for land value only, there is an existing vacant home on the site but it is considered to be a teardown. Seller had tentative verbal approval for a 6-unit development allowed by right along with a 24-hour post office box business with a great income potential with very limited competition. See the renderings for the proposed building and business. Architect may be available to be hired to continue with the approval process for the proposed development, if desired. Additional photos of another post office box business are included for visualization purposes. Repurpose the property as desired or use it as-is. With new codes, it should allow for both residential and commercial development with a potential for residential low-income bonus developments and ADU's. Easy to build-out with all utilities in place. Both street access and convenient alley access for more development choices and opportunities. Completely fenced, locked, and secure. Property may also be suitable for multi-family residential, single-family dwelling, commercial and/or residential condominium project in addition to a commercial and residential development by right. The restrictive SB-8 may not apply due to the property being commercial. Property is located in Los Angeles but within a small unincorporated pocket under the jurisdiction of the County of Los Angeles. Check with the County and your architect for all details related thereto. Extraordinary opportunity for a large, scarce, flat, unique, and desirable property along a major thoroughfare. Sold in its present condition and "as is". No warranties of any kind or representations made regarding the property whatsoever. Buyer to conduct their own independent investigations. Standard sale. No court approval necessary. Copies of leases, one now on a month to month basis, are included herein for reference. Because it is being sold for land value only and its income stream, an interior view of the house will only be allowed upon an accepted offer and only if deemed necessary and requested by the buyer because the house is considered to be a teardown. Also, because it is being sold for land value, sign, and its income stream only, drive-by the property at any time and feel free to view it along Vermont and/or the alley at the rear of the property. Also, feel free to view aerial photos readily available on the WWW. Do not disturb occupants. Incredible deal. Make it yours.

Details

MLS#24387597
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Year1924
Days On Site24
Listing Provided ByDavid Bond 213-268-2663 | David Bond

Features

SQ Feet896
ZoningLCC3YY
Acreage0.11

Market Activity 90044

MLS Internet Data Exchange (IDX) information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the California Regional MLS.

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Learn More About This Property

StateCA
CountyLos Angeles
CityLos Angeles
Zip Code90044
AreaC36 Metropolitan Southwest
Listing VS Median (in 90044)
Price:
$680,000
low | high
Med:
$725,000
43.382352941176% of Average
SqFt:
896
low | high
Med:
2,073
81.361607142857% of Average
$ / SqFt:
$759
low | high
Med:
$362
100% of Average
On Site:
24
low | high
Med:
19.000000
100% of Average
Sourced by Back At You
Listing Updated: May 16, 2024 at 9:03:00 PM PDT