2058 Lake Ave

Offering Two parcels totaling 24,474 sqft for redevelopment or add additional units on vacant portion. 9 units on one parcel and 1 single family home on the second. Potential to convert 3 garages into units, build new units on the second lot or remove buildings and redevelop.
Great Development Potential: The strategic opportunity here presents two enticing options:
1) Expansion and Conversion: The prospective investor can explore the possibility of adding additional units to the existing parking lot. Additionally, there exists the potential to convert the current garages into income-generating units, thereby maximizing the revenue potential of the property.
2) New Development: Alternatively, investors may opt to embark on a new development project encompassing both parcels. This comprehensive approach allows for the creation of a fresh, integrated development plan spanning across the entire property. Importantly, rental income from the existing structures can be sustained throughout the planning phase of the new development. ensuring financial stability and flexibility. Thee is a potential of up to 58 low income housing units and grants from the County of Los Angeles.
Property Details: This investment opportunity comprises two parcels of land totaling 24,744 square feet. The current development on these parcels includes: 1) Parcel 1: A 9-unit apartment complex featuring a mix of 6 one-bedroom and 3 two-bedroom units. Additionally, this parcel boasts three 2-car garages and on-site laundry facilities. 2) Parcel 2: Positioned to the north, the second parcel includes a single-family residence with a detached garage. Notably, the front portion of this parcel offers space to build new units and currently offers ample parking space for up to 18 vehicles.