Property listed by Remax Commercial and Investment Realty, Jonathan Taksa 213-817-1000
$23,895,000
We are pleased to present a once-in-a-generation opportunity to acquire three contiguous apartment buildings totaling 23 units, situated on a massive 30,634 square foot corner lot nearly three-quarters of an acre in the heart of Westwood Village. Located at 500, 512, and520 Midvale Avenue, this irreplaceable assemblage is zoned R4(q)… Read More and offers one of the most unique and high-impact student housing or multifamily development opportunities in all of West Los Angeles. The property is ideally suited for a transformative new project that leverages both scale and location to deliver high-demand housing in a severely supply-constrained submarket. Just steps from UCLA, the property benefits from proximity to one of the most prestigious and densely populated public universities in the world, with over 46,000 students and limited on-campus housing availability. The area remains chronically undersupplied, and student housing rents in this submarket are among the highest in the city on a price-per-square-foot basis. This asset is already generating nearly $1,000,000 in annual gross rental income, offering a developer meaningful in-place cashflow while working through entitlements or planning a future redevelopment.Multiple development pathways are available, including density-boosting programs under the City of Los Angeles' evolving housing incentive landscape. These may include the Citywide Housing Incentive Program (CHIP), Transit Oriented Communities(TOC) incentives, and other state-aligned density bonus tools designed to encourage the construction of new housing. Whether reimagined as a best-in-class student housing development or a market-rate or mixed-income multifamily asset, this offering represents a rare opportunity to create a legacy project in one of Los Angeles' most stable, desirable, and high-performing rental markets. Read Less
Listing Snapshot
Days Online
1
Last Updated
Property Type
Other
Beds
44
Square Ft.
24,967
Lot Size
0.7 Acres
Year Built
1936
MLS Number
25571871
30 Days Snapshot Of 90024
$1.46M
+17%
(avg) sold price
14
-17%
homes sold
96
+45%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
Built in 1936, Building area total: 24,967, Levels: One, Living area: 24967, 1 story, 3 buildings
Cooling
WallWindowUnits
Heating
WallFurnace
Income
Gross income: $993,948
Lot
0.7033 acres, 30,634 square feet, Size: 30,634
Parking
50 totals parking, Assigned
Property
Zoning: LAR4
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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