$1,985,000

516 N Virgil Avenue, Los Angeles, CA 90004

3

Beds

1

Bath

1,036

Square feet

7,004

Lot Size

Listing Agent
Bahram Irani - BERKSHIRE HATHAWAY HOMESERVICES Crest Real Estate - 818-645-3134

Entitled Dev. RTI Permit Opportunity! Rarely found LA R3, TOC (TRANSIT ORIENTED COMMUNITY) TIER 3 LOCATED IN OPPORTUNITY ZONE with a view to HOLLYWOOD SIGN. TOC Planning Approved 16 Unit Apartment Building (4 ADUs can be added) that can become a total of 20 units. One of the best opportunities to build 20 units with all Architectural Plans, 2 of the units to be used for low-income using TOC Tier 3 incentives of the city of Los Angeles. The property will be delivered RTI. The project is entitled with the letter of determination from the planning department of the city of Los Angeles. Plans are submitted to the department of building and safety and are in the plan check process going through the very last steps of the process for RTI permit. A sale at this stage is arguably superior to RTI because the buyer can make changes if desired. The property is situated in the prime Silver lake/Echo Park location minutes away from dining and nightlife of Sunset Blvd with HOLLYWOOD SIGN VIEW. Desirable location in Los Angeles with easy access to Hollywood, Downtown LA, Sunset Junction, Echo Park, and the 101 Freeway. Investors, you do not need to wait a very long time to get your permit to build, because the letter of determination is already obtained and plans are submitted to the department of building and safety to obtain RTI status. If you don't want to waste your valuable time, take advantage of this ready-to-shovel​​‌​​​​‌​‌​​​​​‌​‌​​​‌‌​ opportunity.

Facts & Features

MLS® # BB22255681
Price $1,985,000
Bedrooms 3
Bathrooms 1.00
Full Baths 1
Square Footage 1,036
Lot Size 7,004
Year Built 1905
Type Residential
Sub-Type Single Family Residence
Status Active
# Of Units 1

Community Information

Address 516 N Virgil Avenue
Area C21 - Silver Lake - Echo Park
City Los Angeles
County Los Angeles
State CA
Zip Code 90004

Amenities

View City Lights, Hills
Is Waterfront No
Has Pool No
Pool None

Interior

Cooling Electric
Has Basement No
Fireplace Yes
Fireplaces None
# of Stories 1
Stories One

Exterior

Lot Description 0-1 Unit/Acre, Sloped Up, Value In Land

School Information

District Los Angeles Unified

Additional Information

Date Listed December 12th, 2022
Days on Market 52
Zoning LAR3
Foreclosure No
Short Sale No
RE / Bank Owned No
HOA Fees 0.00

Listing Details

AgentBahram Irani
OfficeBERKSHIRE HATHAWAY HOMESERVICES Crest Real Estate
Info818-645-3134

Listing Map

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