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9811 S Vermont Avenue

Los Angeles (City), CA 90044
  • $699,950
  • STATUS: Active
  • ON SITE: 48 Days
  • ID#: 24346231
UPDATED: 124 min ago
$699,950
  • 0
    BEDS
  • 0.11
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Vacant Land / Lots
County:

School Ratings & Info

Listing Agent(s): David Bond of David Bond (213-268-2663)


Description

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. Incredible deal. Make it yours.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-03-01T00:31:17.237. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Go Gabby | RE/MAX Estate Properties. Licensed in the State of California, USA.
www.gogabby.com/homes/146619832
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9811 S Vermont Avenue Los Angeles (City), CA 90044

  • Price: $699,950
  • Status: Active
  • On Site: 48 Days
  • Updated: 124 min ago
  • ID#: 24346231
0
Beds
0
Baths
0
½ Baths
0.11
Acres
Neighborhood:
C36 - Metropolitan Southwest
County:
Los Angeles
Area:
C36 - Metropolitan Southwest
Property Description
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. Incredible deal. Make it yours.
Exterior Features

Lot Features Flat Parking Total 0 Topography Level View None View YN No

Property Features

Additional Parcels YN No Association YN No Buyer Financing Cash Land Lease Amount 62400 Land Lease Amount Frequency Annually Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms Cash New Construction YN No Possession Close Of Escrow Senior Community YN No Sewer Other Special Listing Conditions Standard Water Source Public Zoning LCC3YY



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-03-01T00:31:17.237. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Go Gabby | RE/MAX Estate Properties. Licensed in the State of California, USA.
 
https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_1_372287881-2.jpg https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_1_372287881-2.jpg https://bt-photos.global.ssl.fastly.net/socal/orig_boomver_1_372287881-2.jpg
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Go Gabby | RE/MAX Estate Properties
1901 S Catalina Ave.
Redondo Beach CA, 90277
Listing Agent(s): David Bond of David Bond (213-268-2663)