SOLD UPDATE: Dana Coronado Represented both the Seller and Buyer in this transaction. The property was only listed on market for 8 days and Dana was able to generate five offers and close for more than list price!
Sellers, we have many active and qualified Buyers, please contact us to find out how we can help you get the highest return on your investments!
974 Everett St is perched on an iconic Echo Park street overlooking the massive DTLA Skyline, and presents the potential development opportunity for either multifamily or small lot development – priced at land value!
Currently in use as a SFR,the home is tenant occupied bringing in $2,250/month ($27K/yr), providing a potential buyer income while the project is being entitled! The 7,516 SF lot is zoned [Q]LAR3 -1VL and is prime for future development! The zoning gives potential for either multifamily or small lot development in a location that has been rapidly increasing in value recently. Plus, across Everett another property of similar size and use was sold for land at $1,015,000 – making this property an excellent purchase at this price!
Nearby Developments are Booming! Completed in 2015, the Rosey Jones small lot development includes 7 detached modern homes selling at an average of $500/SF. Down the street, the former Metropolitan Water Headquarters was converted into luxury apartments, The Elysian, that are renting for an average of $4/SF, and the adjoining 5 acre plot was purchased for $30 million with plans for a large mixed use development in the near future.
Prime location just North of Sunset Blvd and just West of Downtown!
Echo Park is one of LA’ s most sought after neighborhoods, and Everett St is ideally situated near long-standing staples such as Guisados and Sunset Beer, and just blocks from one of LA’ s newest minimalist coffee stops, Eightfold on Sunset. Plus, one of the newest restaurants in Echo Park, the Winsome located in the Elysian down the street, is serving up authentically LA cuisine and quickly gaining notoriety. The property is also easily accessible by public transportation, the 110 and 101 freeways.
*All information provided to be deemed reliable but not guaranteed. Buyer to complete all investigations into the property and into all matters that may affect the property independently and to their own satisfaction.