2
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$988,888
Est. payment /mo
6,847 Sqft Lot
New
602 W Vernon AVE Los Angeles, CA 90037
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Key Details
Property Type Multi-Family
Sub Type Duplex
Listing Status Active
Purchase Type For Sale
MLS Listing ID SR25126853
HOA Y/N No
Year Built 1912
Lot Size 6,847 Sqft
Property Sub-Type Duplex
Property Description
Development & Investment Opportunity: Fully RTI for 16 Units, Approved for Section 8 Presenting a prime investment and development opportunity with Fully RTI (Ready to Build Immediately) plans for 16 units, consisting of 13 one-bedroom units and 3 two-bedroom units. The property is approved for Section 8, offering significant future rental income potential upon completion. Key Features: RTI for 16 Units: The property is approved and ready for immediate construction, with plans for 13 one-bedroom units and 3 two-bedroom units, creating a strong future rental income stream. Current Income: The existing 6-bed, 3-bath duplex currently generates $5,460 per month in rental income from non-Section 8 tenants, providing reliable cash flow as you move forward with your development plans. Additional Room: An additional room in the duplex is available for rent, further increasing the property's rental income potential. Ellis Act Eligible: The property is eligible for the Ellis Act, offering flexibility for future redevelopment or adjustments to tenant occupancy. This is a rare opportunity for investors to take advantage of a fully RTI property, currently generating rental income with non-Section 8 tenants while offering strong future potential through Section 8 approval. With immediate cash flow and long-term growth possibilities, this property is a solid addition to any portfolio. Please inquire about current expenses on the duplex
Location
State CA
County Los Angeles
Area C36 - Metropolitan Southwest
Zoning LAR3
Interior
Fireplace No
Laundry Inside
Exterior
Pool None
Community Features Biking, Street Lights, Sidewalks
Private Pool No
Building
Lot Description 2-5 Units/Acre
Story 1
Sewer Public Sewer
Water See Remarks
New Construction No
Others
Senior Community No
Tax ID 5018033027
Acceptable Financing Cash, Conventional, 1031 Exchange, Owner Will Carry, Owner May Carry
Listing Terms Cash, Conventional, 1031 Exchange, Owner Will Carry, Owner May Carry
Special Listing Condition Standard
Listed by Deborah Moussighi • Keller Williams Luxury • 818-585-2758