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***MAJOR PRICE REDUCTION. Exceptional Koreatown LAR5 / Tier 3 TOC development opportunity. New pricing creates compelling value for developers, investors, and value-add buyers in one of LA's strongest high-density growth corridors.*** Prime Koreatown LAR5-zoned property with Tier 3 TOC designation ideal for high-density multifamily, mixed-use, or future condo/hotel development. 11-unit income-producing building, fully occupied, generating $13,640.88/month in actual rents ($163,690.56 annually). Cap rate ~2% | GRM 23.82 this is a land-value and entitlement play, not a cash-flow asset. Flat 8,700 SF lot with potential for 26,000 buildable SF by right (buyer to verify).No Ellis Act or tenant buyouts completed developers maintain full control of exit or repositioning strategy. Subject to LA Rent Stabilization (RSO); Unit 3 currently rented at $394/month under RSO. Income can support carrying costs during planning or entitlement phases. Located just blocks from Wilshire Blvd, Metro stations, and major Koreatown projects. Rare offering in a dense, high-demand corridor with limited LAR5 inventory. Not currently RTI but the flat LAR5 lot and Tier 3 zoning make it a candidate for streamlined entitlement.
| DAYS ON MARKET | 57 | LAST UPDATED | 5/12/2026 |
|---|---|---|---|
| YEAR BUILT | 1950 | COMMUNITY | C17 - Mid-Wilshire |
| COUNTY | Los Angeles | STATUS | Active |
| PROPERTY TYPE(S) | Residential Income |
| PRICE HISTORY | |
| Prior to May 12, '26 | $3,400,000 |
|---|---|
| May 12, '26 - Today | $2,900,000 |
| ADDITIONAL DETAILS | |
| APPLIANCES | Microwave, Refrigerator |
|---|---|
| AREA | C17 - Mid-Wilshire |
| HEAT | Wall Furnace |
| LOT | 8703 sq ft |
| LOT DIMENSIONS | 60x145 |
| PARKING | Driveway |
| STORIES | 2 |
TOTAL MONTHLY PAYMENT
| SATELLITE VIEW |
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