9811 South Vermont Avenue
Los Angeles, CA, 90044 $ 680,000
Baths0.0 Sq 896 Monthly Estimate*
$ 4,750
Studio
for $680,000. This 896 square foot home was built in 1924 on a lot size of 0.11.
SCREAMING DEAL! Income of $3,200 for commercial use of the lot for storage purposes PLUS an additional $2,000 for the lease of a sign at the corner of the lot totaling $62,400 per year! Buy it for its income stream alone or collect income while you entitle it for redevelopment. Almost a 9% cap rate based upon gross income with zero maintenance and management expenses! Great alternative to a rent controlled multi-family residence with all the headaches and expenses that tenants cause. The sign lease is on a month to month basis and can be increased or terminated at any time. Seller states that the sign has been there for years, used by the same lessee, and the lessee desires to continue to lease it if it is offered to the lessee by the buyer. If desired, the sign can be removed by the buyer at any time in the future but it should not obstruct any development should it remain in place based upon it being located at the very corner of the lot. Lease of the lot terminates on June 30, 2024 but the ownership states they believe the tenant would prefer to renew at expiration. No rent control! Great opportunity to own a rare flat level lot zoned C3 for commercial and residential uses. Although sold for land value only, there is an existing vacant home on the site but it is considered to be a teardown. Seller had tentative verbal approval for a 6-unit development allowed by right along with a 24-hour post office box business with a great income potential with very limited competition. See the renderings for the proposed building and business. Architect may be available to be hired to continue with the approval process for the proposed development, if desired. Additional photos of another post office box business are included for visualization purposes. Repurpose the property as desired or use it as-is. With new codes, it should allow for both residential and commercial development with a potential for residential low-income bonus developments and ADU's. Easy to build-out with all utilities in place. Both street access and convenient alley access for more development choices and opportunities. Completely fenced, locked, and secure. Property may also be suitable for multi-family residential, single-family dwelling, commercial and/or residential condominium project in addition to a commercial and residential development by right. The restrictive SB-8 may not apply due to the property being commercial. Property is located in Los Angeles but within a small unincorporated pocket under the jurisdiction of the County of Los Angeles. Check with the County and your architect for all details related thereto. Extraordinary opportunity for a large, scarce, flat, unique, and desirable property along a major thoroughfare. Sold in its present condition and "as is". No warranties of any kind or representations made regarding the property whatsoever. Buyer to conduct their own independent investigations. Standard sale. No court approval necessary. Copies of leases, one now on a month to month basis, are included herein for reference. Because it is being sold for land value only and its income stream, an interior view of the house will only be allowed upon an accepted offer and only if deemed necessary and requested by the buyer because the house is considered to be a teardown. Also, because it is being sold for land value, sign, and its income stream only, drive-by the property at any time and feel free to view it along Vermont and/or the alley at the rear of the property. Also, feel free to view aerial photos readily available on the WWW. Do not disturb occupants. Incredible deal. Make it yours.
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FeaturesGeneralPossession Negotiable
Zoning LCC3YY
Pool Features None
Security Features Gated Community
Year Built 1924
Levels One
County Los Angeles
Net Operating Income 56304.0
New Construction No
Property Type C
HOA / Comm Assn No
Facing Direction East
Status Active
City Los Angeles
Buyer Agent Compensation 3.00
Senior Community Y/N No
MLS Area C36 - Metropolitan Southwest
Lot Size Square Feet 4800.0
Street Name Vermont
Additional Parcels Y/N No
Standard Status Active
Buyer Agent Compensation Type %
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ExteriorParking Features Uncovered Street Off Site
Lot Size Area 4800.0
Foundation Details None
Building Area Total 896.0
Lot Dimensions 40x120
Lot Size Acres 0.11
Lot Size Units Square Feet
Land Lease Type Fee
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InteriorAir Conditioning Y/N No
Heating Y/N No
Street Suffix Avenue
Total Baths 0
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* Excluded FeaturesAffordability Calculator
- Monthly Principal & Interest
- $4,750
- 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 $1,979,653
Percent of Sale Price 191%
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.
793437 Elementary School
793428 Middle School
Unknown High School High School
Pricing HistoryDate | Price | Price Change | Description |
---|
5/3/2024 | $680,000 | | Listed Price |