For Sale
$1,699,000

4920 Fountain AveLos Angeles, CA 90029

Los Angeles Land, 6,824 sq ft, $1.7M

Overview

Added:
Dec 11, 2024
Days on market:
116
This Los Angeles development site, located at 4920 Fountain Ave, 90029, offers 6,824 square feet of land zoned R3-1. Priced at $1,699,000 ($263/sq ft), it presents an opportunity to develop either a 27-28+ unit 100% affordable housing project with ADUs (no parking required, 5-story building) or a 16-unit market-rate project with ADUs and parking (4-story building). The property includes six parking spaces and is situated within walking distance of three major hospitals: Kaiser, Children's, and Presbyterian. The site is currently held in LLC Fee Simple ownership. The pro-forma NOI is $65,000, resulting in a 3.52% cap rate. Annual rent bumps are permitted. Securing entitlements is estimated to take two or more years, with rental income potentially covering expenses during this period. The APN is 5540-010-003.

Highlights

  • Strong rental income offsets holding costs during the 2-year entitlement process.

Property Details for 4920 Fountain Ave

Property type
Land

Location Insight

City
Los Angeles
County
Los Angeles
State
California
Latitude
34.095373811416
Longitude
-118.29697436258
4920 Fountain Ave, Los Angeles, California

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4920 Fountain Ave
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