2834 Leeward Ave, Los Angeles, CA 90005

100% vacant 5-unit building with 40-unit development potential in Koreatown priced at only 57k per buildable unit. Renovate existing 5 units to capture a huge upside to 6% Cap and 12 GRM or Redevelop to 40 apartments/condos that are selling for 600-800k per unit at 2939 Leeward Ave. The subject 9,417 SF lot is in an R4-2 zone with the benefits of TOC Tier-3 and Opportunity Zone. Build 40 units using the TOC designation or 23 units by right. There are currently 2 structures on the property, totaling 4,940 SF and 5 units that could provide cash flow during the entitlement process. Preliminary Plans call for 40 units (4 Affordable) and 33,700 SF of floor area in 6 levels of residential over 1 level of ground floor parking level and 1 level of semi-subterranean parking for a total of 31 parking spaces. The proposed unit mix includes 8 Junior 1-bedroom, 12 Larger 1-bedroom, and 20 2-Bedroom units. Walking distance to Wilshire/Vermont Metro Station (0.4 mi), Restaurants and bars in K-Town!