3415 Bellevue Ave Los Angeles, CA 90026

Agent Remarks: We are pleased to present this REO sale where a buyer has the opportunity to acquire a very well located 4 unit property in Silver Lake or a rare redevelopment opportunity. The property is 100% vacant.The current 4-unit property has 2,840 SqFt and sits on a 7,508 SqFt lot (0.17 acres), and it has a unit mix of (3) 1-Bed / 1-Bath units and (1) 2-Bed / 1-Bath unit. Furthermore, there is a stand alone structure with a two car garage in the middle of the property which is ideal for ADU conversion. We have already received two bids on the cost to convert the garage into 1 or 2 ADUs. To receive this bids or to learn more about the process, please give us a call/email today.Therefore, this opportunity is perfect for the value add investor who wants a fully vacant 4-unit property to fix up and add at least 1 additional unit through the new ADU laws.This opportunity could also be perfect for a developer. This 7,508 SqFt lot is zoned R3-1VL, which allows a developer to build a maximum of 14 units with a max building envelope of 19,440 SqFt when utilizing the state density bonus, which means at least 2 of the 14 units would need to be low income units. Therefore, a developer would be able to purchase this project for $103,571 per buildable unit, which is right in line with comparable land sales in this great location.

Continue Reading