$699,950 COMMERCIAL USE/LOT FOR SALE (Los Angeles)

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! 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 and likely the lessee would desire 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.
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 home on the site that could be rebuilt/remodeled with additional commercial and/or residential improvements.
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.
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.
Seller may be able to furnish renderings for a 6-unit development allowed by right upon approval of the architect for its release and dissemination.
Architect may be available to be hired to continue with the approval process for the proposed development.
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, may be furnished upon request.
Because it is being sold for land value only, 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 tear-down only.
Because it is being sold for land value 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.
APN 6056-018-001.
Per the plat map, the property is approximately 40x120 or approximately 4,800 square feet.
Public records indicate that is 4,760 sq.
ft.
Please don't bother texting about its availability or anything else.
All texts will be ignored due to phishing scams.
Call, if need be and only if you are a serious buyer, motivated and a highly qualified buyer.
Will not last long at this price.
No other level lots with this income are currently available at this price.
FULL 3% COMMISSION TO SELLING BROKERAGE! Incredible deal.
Make it yours.