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1322 Maryland St, Los Angeles, CA 90017
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1322 Maryland St Los Angeles, CA 90017

$5,200,000
  • -- Beds
  • -- Baths
  • -- Sq.Ft.
For Sale
$5,200,000 Get Pre-Qualified
Map preview of 1322 Maryland St, Los Angeles, CA 90017

Property Overview: 1322 Maryland St Los Angeles, CA has -- bedrooms, -- bathrooms, -- living square feet and 8,114 square feet lot size. Call an Ardent Real Estate Group agent to verify current availability of this home or with any questions you may have.

Agent Remarks: We are excited to present 1322 Maryland St, a 100% affordable, RTI (Ready-to-Issue) development project to build 121 units located in the Westlake neighborhood of Los Angeles, which is just a few minutes South of Echo Park and West of Downtown.The project consists of 119 one-bedroom units, 2 two-bedroom units, and 8 stories. The building is made up of 5 stories of Type III-A over 3 levels of Type I-A, and there are no parking requirements. This will help reduce both the time and cost to build. The developer has the option to rent to Section 8 tenants, which could result in higher rents.Upon completion, the building is projected to generate $230,603 per month, amounting to $2,767,236 annually, from the scheduled covenant rents. If all units are rented to Section 8 tenants, the monthly revenue is expected to increase to $292,130, resulting in an annual income of $3,505,560.The offering is located in Central Los Angeles and combines residential and commercial living. It is surrounded by Silver Lake to the north, Downtown to the southeast, and Pico-Union to the southwest, with Koreatown to the west. The area has a rich history, having developed primarily in the 1920s. The area has since undergone a transformation, with many of its historic mansions now converted into apartments. As a result of high demand for housing in this dynamic and ever evolving part of the city, new multi-family buildings have been constructed.

Listed by Filip Niculete | BRE #01905352 | Marcus & Millichap
Co-listed by Glen Scher | BRE #01962976 | Marcus & Millichap
Last checked: 1 minute ago | Last updated: May 21st, 2024 | Source CRMLS | DOM: 0
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Home details

Lot Sq. Ft
8,114
HOA Dues
$0/mo
Year built
--
Garage
--
Property Type:
Land
Status
Active
MLS#
24394763
City
Los Angeles
County
Los Angeles
Time on Site
2 hours

Open Houses for 1322 Maryland St

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Property Details for 1322 Maryland St

Lot Details / Garage and Parking
Property Information
  • No View
  • View: None
  • Parcel Number: 5152002011
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Assessment Information
  • No Assessments
Location / Neighborhood
Location Information
  • Directions: Maryland & Bixel
View more facts & features

Local Los Angeles Agent

Sale History for 1322 Maryland St

Last sold for $1,750,000 on September 28th, 2022

  • May, 2024

  • May 21, 2024

    Date

    Active

    CRMLS: 24394763

    $5,200,000

    Price

  • September, 2022

  • Sep 28, 2022

    Date

    Sold

    CRMLS: 22164829

    $1,750,000

    Price

  • Jun 6, 2022

    Date

    Active

    CRMLS: 22164829

    $1,995,000

    Price

  • Listing provided courtesy of CRMLS

    We are pleased to present 1322 Maryland St, located in the Westlake North neighborhood just outside of Downtown Los Angeles.This property is being offered for sale by the bank that recently foreclosed on this property. The previous owner purchased this land back in May 2019, and he soon after submitted plans to the city to build a 62 unit TOC project in early 2020. We believe that the previous owner lost his source of funds to continue with this development in 2020 due to the COVID Pandemic, which led to the bank foreclosing on the property in March 2022. This 8,111 square foot lot has excellent zoning of CW and TOC Tier 3. Per a 3rd party's zoning analysis, a developer can build up to 40 units by-right, or up to an impressive 70 units using the TOC bonus. Due to the small size of the lot combined with the very dense zoning allowance, we believe this property would be perfect for an affordable developer who designates some or all of the units to low income housing, however this could still work for any type of developer.Currently, there is a 4,976 square foot, 4-unit apartment building on the lot which was built in 1922. Three of the four units are occupied and paying rent. In total, the property brings in $3,808 each month in rent, not including any potential rent for the vacant unit. With the 4 unit property currently there, a developer will be able to get attractive residential financing to lower their down payment needed to buy the property and bridge the gap between close of escrow and getting RTI plans approved by the city.

  • September, 2021

  • Sep 13, 2021

    Date

    Canceled

    CRMLS: TR21051868

    $1,100,000

    Price

  • Mar 18, 2021

    Date

    Pending

    CRMLS: TR21051868

    $1,100,000

    Price

  • Mar 15, 2021

    Date

    Active

    CRMLS: TR21051868

    $1,100,000

    Price

  • Listing provided courtesy of CRMLS

    This 4 unit multifamily property is located in the desirable location in Downtown Los Angeles. Property is zoned as LACW. Great opportunity for buyers, developers, and investors.

  • December, 2020

  • Dec 23, 2020

    Date

    Expired

    CRMLS: 20636120

    $1,690,000

    Price

  • Nov 18, 2020

    Date

    Withdrawn

    CRMLS: 20636120

    $1,690,000

    Price

  • Sep 22, 2020

    Date

    Active

    CRMLS: 20636120

    $1,690,000

    Price

  • Listing provided courtesy of CRMLS

    Priced to sell fast. 40 unit By Right or 62 unit TOC development opportunity located in the quickly gentrifying Westlake area bordering Downtown Los Angeles. Located in the quickly gentrifying Westlake area bordering Downtown Los Angeles. The project concept consists of 62 Residential units. The unit mix for the project is 46: Single + 1 Bath, 9: 1 Bed + 1 Bath and 2 2 Bed + 2 Bath units. The property is designated as a Walkers Paradise with a score of 91 and is in close proximity to Downtown Los Angeles, and many places of employment and entertainment. Along with walkability the property is also considered a Riders Paradise with an amazing 99 Transit Score. Property is currently a 4-Plex with 1 vacant unit.

  • July, 2020

  • Jul 28, 2020

    Date

    Expired

    CRMLS: 20544870

    $1,650,000

    Price

  • May 27, 2020

    Date

    Price Change

    CRMLS: 20544870

    $1,650,000

    Price

  • Apr 14, 2020

    Date

    Price Change

    CRMLS: 20544870

    $1,900,000

    Price

  • Jan 21, 2020

    Date

    Active

    CRMLS: 20544870

    $3,300,000

    Price

  • Listing provided courtesy of CRMLS

    Priced to sell fast. 40 unit By Right or 62 unit TOC development opportunity located in the quickly gentrifying Westlake area bordering Downtown Los Angeles. The project consists of 62 Residential units. The unit mix for the project is 46: Single + 1 Bath, 9: 1 Bed + 1 Bath and 2 2 Bed + 2 Bath units with two levels of parking. Another option for a developer is to build the project in a quicker timeframe going By Right to build 40 units with one level of parking. The property is designated as a Walkers Paradise with a score of 91 and is in close proximity to Downtown Los Angeles, and many places of employment and entertainment. Along with walkability the property is also considered a Riders Paradise with an amazing 99 Transit Score. This project is currently going thorough entitlements and allows a buyer to get a huge head start on achieving RTI. The property may also be delivered vacant.

  • April, 2020

  • Apr 1, 2020

    Date

    Sold

    CRMLS: 19435718

    $18,880,000

    Price

  • May 3, 2019

    Date

    Active Under Contract

    CRMLS: 19435718

    $1,800,000

    Price

  • Mar 15, 2019

    Date

    Pending

    CRMLS: 19435718

    $1,800,000

    Price

  • Feb 19, 2019

    Date

    Active

    CRMLS: 19435718

    $1,800,000

    Price

  • Listing provided courtesy of CRMLS

    Please email or text me.PLEASE DO NOT DISTURB TENANTS. Unit located near by Downtown LA. Very quiet neighborhood and 5 Minutes from 101,10 & 110 FWY.Great opportunity for Development: C Zoning Sold As- is.Very High rent area. Showing available only accepted offer. Please drive by only.8,100 sq ft Lot, zoned LACW. Highly sought after location for a great Multifamily development.*Enterprise Zone*6-1 FAR*Unit Ratio: 1 unit for every 200 sq ft of land*project must be mixed use.

  • July, 2019

  • Jul 22, 2019

    Date

    Sold (Public Records)

    Public Records

    --

    Price

  • May, 2019

  • May 24, 2019

    Date

    Sold (Public Records)

    Public Records

    $1,880,000

    Price

  • December, 2018

  • Dec 18, 2018

    Date

    Canceled

    CRMLS: 18397252

    $2,150,000

    Price

  • Oct 16, 2018

    Date

    Active

    CRMLS: 18397252

    $2,150,000

    Price

  • Listing provided courtesy of CRMLS

    Please do not disturb tenants. Drive by only. Make offer subject to inspection.This property is better for developer.

  • December, 2018

  • Dec 13, 2018

    Date

    Expired

    CRMLS: 18354302

    $2,350,000

    Price

  • Aug 9, 2018

    Date

    Withdrawn

    CRMLS: 18354302

    $2,350,000

    Price

  • Jul 14, 2018

    Date

    Price Change

    CRMLS: 18354302

    $2,350,000

    Price

  • Jun 13, 2018

    Date

    Price Change

    CRMLS: 18354302

    $2,400,000

    Price

  • Jun 13, 2018

    Date

    Active

    CRMLS: 18354302

    $2,380,000

    Price

  • Listing provided courtesy of CRMLS

    Highly desired location !!! Calling all investors and developers !!! Excellent rental pocket steps from the heart of DTLA. All 4 units are spacious 1 bed 1 bath, averaging 1,244 sf.ft each unit. Zoning of LACW (Central City West Specific Plan Zone) - The most favorable required for high density multifamily development, 6:1 FAR, Tier 3. The best fit would be NY loft style live & work and/or mixed use residential. Currently, multiple construction projects in the immediate area. Two units will be vacant by the end of Aug. Buyer/Agent is advised to independently verify the accuracy of all information.

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Tax History for 1322 Maryland St

Assessed Value (2020): $1,880,520
Year Land Value Improved Value Assessed Value
2020 $1,800,000 $80,520 $1,880,520

Home Value Compared to the Market

This property vs the competition

1322 Maryland St is listed 316% higher than the median list price for the city of Los Angeles which has a median list price of $1,250,000.

About 1322 Maryland St

Detailed summary of property

1322 Maryland St is a land located in Los Angeles, CA 90017 and is currently for sale. This land offers -- bedrooms, -- bathrooms, roughly -- living square feet, and sits on an approximately 8,114 square foot lot. 1322 Maryland St was first listed on ArdentRealEstateGroup.com on May 21, 2024. The homeowner is currently asking $5,200,000. The median priced home in Los Angeles is $1,250,000 with a median price per square foot of $780. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is listed 316% higher than the median priced home. Local competing homes currently for sale include 1771 N Crescent Heights Blvd, 1700 Viewmont Dr and 2004 Sunset Plaza Dr. There are currently 3718 homes for sale in the Los Angeles real estate market and 2495 of them are single family homes while 1123 of them are condos and 94 are townhomes. For more information on this home for sale at 1322 Maryland St Los Angeles, CA 90017 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 1322 Maryland St

Public county record property details
Beds
4
Baths
4
Year built
1922
Sq. Ft.
4,976
Lot Size
8,111
Stories
--
Type
Quadruplex (4 Units, Any Combination)
Pool
No
Spa
No
County
Los Angeles
Lot#
9
APN
5152-002-011

The source for these homes facts are from public records.

90017 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$639,999
Median List Price/Sq.Ft.
$722
Median Sold Price
$540,000
Median Sold Price/Sq.Ft.
$478
Total Inventory
96
Median Sale to List Price %
98.54%
Avg Days on Market
55
Loan Type
Conventional (0%), FHA (0%), VA (0%), Cash (0%), Other (0%)

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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