500 S Union Avenue
Los Angeles, CA, 90017 $ 5,495,000
Bedrooms91 Baths91.0 Sq 64,759 Monthly Estimate*
$ 38,384
Listed by Realty Investment Advisors, Inc.
for $5,495,000 with 91 bedrooms and 91 full baths. This 64,759 square foot home was built in 2025 on a lot size of 0.4573.
We are proud to present a rare opportunity for a developer to acquire an 85-unit, seven-story development project situated in the vibrant Westlake district, just minutes away from Downtown Los Angeles. This remarkable offering encompasses three assembled lots, totaling 19,921 square feet of prime land. The proposed development spans an impressive 64,759 square feet and comprises seventy-nine (79) one-bedroom, one-bath units, as well as six (6) two-bedroom, two-bath units. Notably, the project incorporates forty-three (43) conveniently located parking spaces within the first two stories of the building, eliminating the need for subterranean parking. Seventy-three (73) of the proposed units will be MARKET rate while there are eight (8) very low income and four (4) extremely low income affordable units. It's worth mentioning that the sellers have dedicated over 3 years to navigate the city approval process, and the plans are now at the advanced stage of being approximately 90% Ready to Issue (RTI) status. Furthermore, the seller has initiated an Ellis Act for the ten remaining tenants in the existing buildings, with a scheduled move-out date set for July 2024.The Westlake neighborhood, nestled in Central Los Angeles, offers a unique blend of residential and commercial living. Bordered by Silver Lake to the north, Echo Park to the northeast, Downtown to the southeast, and Pico-Union to the southwest, with Koreatown to the west, Westlake has a rich history. While it primarily developed in the 1920s, the area has seen a transformation, with many of its historic mansions now converted into apartments. Additionally, new multifamily buildings have been erected in response to the high demand for housing in this dynamic and ever-evolving part of the city.
See more
FeaturesGeneralAppliances Dishwasher Disposal Refrigerator
Zoning LAR4
Year Built 2025
Levels ThreeOrMore
Gross Income 0.0
County Los Angeles
Net Operating Income 0.0
New Construction N
Property Type ResidentialIncome
HOA / Comm Assn N
Attached Garage N
Garage Y/N N
Special Listing Conditions Standard
Status Active
Directions South of 101 FWY West of 110 FWY
City Los Angeles
View Y/N N
Senior Community Y/N N
Total Units 85
MLS Area C42 - Downtown L.A.
Lot Size Square Feet 19921.0
Private Pool N
Waterfront Y/N N
Carport Y/N N
Street Name Union
Property Attached Y/N N
Land Lease Y/N N
Home Warranty Y/N N
Lease Renewal Y/N N
Additional Parcels Y/N N
Lease Considered Y/N N
Rent Control Y/N N
Days on Market 94
Standard Status Active
Year Built Source Estimated
See more
ExteriorParking Features Covered DrivewayDownSlopeFromStreet CommunityStructure
Total Parking 43.0
Lot Size Area 19921.0
Number of Buildings 1
Spa N
Building Area Total 64759.0
Lot Size Acres 0.4573
Lot Size Units SquareFeet
Lot Size Source Plans
Crops Included Y/N N
Open Parking Y/N N
Horse Y/N N
Irrigation Water Rights Y/N N
See more
InteriorTotal Stories 7
Basement (Y/N) N
Air Conditioning Y/N N
Heating Y/N N
Fireplace Y/N N
Full Baths 0
Half Baths 0
1/4 Baths 0
3/4 Baths 0
Street Suffix Avenue
Total Bedrooms 91
Electric On Property Y/N N
Total Baths 91
See more
* Excluded FeaturesList ByRealty Investment Advisors, Inc.Broker
Affordability Calculator
- Monthly Principal & Interest
- $38,384
- Monthly Property Taxes
- --
- Monthly Home Insurance
- --
Default based on a 30-year fixed rate of 7.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
Learn more about how to save NearbyMulti-family listings in Los Angeles, CA
Average List Price $2,020,253
Percent of Sale Price 63%
About Los Angeles, CA 3,920,026 Population
6% Since 2002
$ 55,057 Median Income
36.82 Median Age
27% Households with Children
Trends Information provided by ATTOM Data Solutions.
273443 Elementary School
272636 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
---|
1/19/2024 | $5,495,000 | -6.86% | Price Down |
10/19/2023 | $5,900,000 | | Listed Price |