3
See all 3 photos
$650,000
Est. payment /mo
5 Beds
4 Baths
1,941 SqFt
New
341 N Savannah ST Los Angeles, CA 90033
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Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 1,941 sqft
Price per Sqft $334
MLS Listing ID 26988673
Bedrooms 5
Construction Status Repairs Cosmetic
HOA Y/N No
Year Built 1920
Lot Size 9,565 Sqft
Property Description
DEVELOPMENT AND VALUE ADD OPPORTUNITY ON AN APPROXIMATELY 9,564 SQUARE FOOT LOT IN BOYLE HEIGHTS. Offered at $650,000, 341 & 343 N. Savannah St. gives investors and developers an opportunity to acquire an existing income producing duplex on a substantial residential parcel recently rezoned under the Boyle Heights Community Plan Update and the City of Los Angeles Chapter 1A Zoning Code. The property is now zoned [VN1-MU3-4][RX2-15][CPIO]. Under the new zoning framework, Density District 15 generally provides a base density of one dwelling unit per 1,500 square feet of lot area, creating the potential for approximately six units on a parcel of this size, subject to applicable development standards, City requirements and buyer verification. The existing property consist of two residential units: 341 N. Savannah is a 2 bed, 2 bath unit and 343 N. Savannah is a 3 bed, 2 bath unit over two separate garages. The property also includes two garages, a gated driveway and substantial on site area providing several possibilities for a buyer evaluating the site's long term use. The new Boyle Heights zoning framework includes development standards intended to facilitate residential infill, including reduced side and rear setbacks in applicable residential form districts. The property's size and existing configuration may provide an opportunity to evaluate additional residential development while retaining some or all of the existing improvements or other redevelopment strategies permitted under current regulations. Buyer to investigate and verify. The property is located within the Boyle Heights Community Plan Implementation Overlay (CPIO), which contains additional development regulations and potential incentive programs. Buyers should independently investigate the property's applicable CPIO provisions and any available density, affordable-housing or other development incentives. Both units are occupied by long term tenants and the property is being sold with the existing tenants in place. The property is subject to the Los Angeles Rent Stabilization Ordinance (LA RSO). The units are habitable with no known violations and provide additional long term value add potential through renovation if and when a unit becomes vacant. Owner currently pays water and sewer and tenants pay their own electricity and gas. 341 & 343 N. Savannah St. offers a combination of existing rental income, a large approximately 9,564 square foot lot, new Chapter 1A zoning and potential for additional residential development in Boyle Heights. Property sold with tenants in place. Drive-by only. Please DO NOT disturb occupants. Buyer to independently investigate and verify zoning, density, allowable floor area, building height, setbacks, CPIO requirements and incentives, ADU potential, tenant protections, development feasibility and all other property information.
Location
State CA
County Los Angeles
Area Boyh - Boyle Heights
Zoning LAR2
Interior
Heating Forced Air
Cooling None
Fireplace No
Exterior
Parking Features Concrete, Private
Garage Spaces 4.0
Garage Description 4.0
Total Parking Spaces 8
Building
Story 2
Entry Level Multi/Split
Level or Stories Multi/Split
New Construction No
Construction Status Repairs Cosmetic
Others
Senior Community No
Tax ID 5180018021
Security Features Carbon Monoxide Detector(s),Smoke Detector(s)
Special Listing Condition Standard
Listed by Josh Hodeda eLAvate,Inc. #02091542
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