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We are pleased to present 8931 Ramsgate Ave, a VACANT duplex located on 7,063 SF of LAR3 Tier 3 TOC zoned land! With the existing duplex (both 2 bed + 1 bath) being 100% vacant, there are numerous exit strategies that include the following: 1) Build 16 units + 4 ADUs utilizing the current RTI plans, 2) Renovate the existing Duplex + build new ADUs, 3) Utilize ED1 to construct 100% affordable housing project, or 4) Multiple duplex style build yield 4-6 large units. Located in the heart of Westchester, tenants will have ease of access to the 405FWY, numerous employment opportunities, Loyola Marymount University, Venice Beach, Santa Monica, El Segundo, and LAX. Ownership has plans in place for a market rate 16-unit + 4 ADU development that can be included in a sale. As a 100% affordable ED1 development, there's potential for up to 36 units with no parking requirements and an affordable stick on grade type construction. As a value-add project, a new owner can perform renovations on the existing units, both 2 bed + 1 bath units, and add additional ADUs by converting the existing rear garage. Buyer shall complete their own due diligence to determine the development potential.
Property Type(s):
Lot/Land/Acreage
| Last Updated | 11/4/2024 | Community | Westchester |
|---|---|---|---|
| County | Los Angeles |
Price History
| Prior to Jul 9, '24 | $1,350,000 |
|---|---|
| Jul 9, '24 - Sep 3, '24 | $1,295,000 |
| Sep 3, '24 - Nov 4, '24 | $1,250,000 |
| Nov 4, '24 - Today | $1,195,000 |
Additional Details
| AREA | Westchester |
|---|---|
| LOT | 7063 sq ft |
| VIEW | Yes |
| VIEW DESCRIPTION | City Lights |
| ZONING | LAR3 |
Location
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Listed with Kidder Mathews of California, Inc.
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