The Coronado Real Estate Group of KW Commercial is pleased to present for sale a unique opportunity to develop a 21,019 square foot R4 (CW)-75/3-0 zoned lot. Located less than one mile northwest of downtown Los Angeles in the Temple-Beaudry neighborhood of Echo Park, 1272-1276 West Court Street consists of three contiguous parcels that are being sold together. The existing zoning presents a possible 52-70 unit multifamily development opportunity.
The total lot is 150 wide x 140 deep and has rear alley access.
Each parcel has one existing tenant-occupied structure. 1272 West Court Street is a 1,250 SF, 2 bedroom + 1 bathroom single family home. 1274 West Court Street is a 1,036 SF 5 bedroom + 1 bathroom single family home. 1276 West Court Street is a 1,806 square foot duplex. The current annual income is $42,600, which gives the buyer the opportunity to collect rents during the initial development stages. All properties are currently occupied but could potentially be delivered vacant. The homes are not subject to LA Rent Control laws, but the duplex is. The seller has owned the property for 19 years and does not have environmental reports. There is at least one oil well on the property.
The Court Street development opportunity is within walking distance of a public library, a recreation center, and two schools: Edward R. Roybal Learning Center and Plascencia Elementary School. The neighborhood population is growing with strong ongoing residential demand. REIS projects that rents in this sub-market will increase 19% by the year 2016. Minutes away from Staples Center, LA Live, and Dodger Stadium, 1272-1276 West Court Street could be a very profitable project for an experienced and astute developer.
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