We are pleased to present 1322 Maryland St, located in the Westlake North neighborhood just outside of Downtown Los Angeles.This property is being offered for sale by the bank that recently foreclosed on this property. The previous owner purchased this land back in May 2019, and he soon after submitted plans to the city to build a 62 unit TOC project in early 2020. We believe that the previous owner lost his source of funds to continue with this development in 2020 due to the COVID Pandemic, which led to the bank foreclosing on the property in March 2022. This 8,111 square foot lot has excellent zoning of CW and TOC Tier 3. Per a 3rd party’s zoning analysis, a developer can build up to 40 units by-right, or up to an impressive 70 units using the TOC bonus. Due to the small size of the lot combined with the very dense zoning allowance, we believe this property would be perfect for an affordable developer who designates some or all of the units to low income housing, however this could still work for any type of developer.Currently, there is a 4,976 square foot, 4-unit apartment building on the lot which was built in 1922. Three of the four units are occupied and paying rent. In total, the property brings in $3,808 each month in rent, not including any potential rent for the vacant unit. With the 4 unit property currently there, a developer will be able to get attractive residential financing to lower their down payment needed to buy the property and bridge the gap between close of escrow and getting RTI plans approved by the city.
Property Details
Price:
$1,995,000
MLS #:
22-164829
Status:
Sold ((Sep 28, 2022))
Baths:
0
Address:
1322 MARYLAND ST
Type:
Land
Subtype:
Lots and Land
City:
LOS ANGELES
Listed Date:
Jun 6, 2022
State:
CA
ZIP:
90017
Lot Size:
8,111 sqft / 0.19 acres (approx)
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- Address1322 MARYLAND ST LOS ANGELES CA
- AreaDowntown L.A.
- CityLOS ANGELES
- CountyLos Angeles
- Zip Code90017
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Courtesy of Filip Niculete at Marcus & Millichap. The information being provided by CARETS (CLAW, CRISNet MLS, DAMLS, CRMLS, i-Tech MLS, and/or VCRDS) is for the visitor’s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing.
Any information relating to a property referenced on this web site comes from the Internet Data Exchange (IDX) program of CARETS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site.
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS, DAMLS, CRMLS, i-Tech MLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
CARETS, California Real Estate Technology Services, is a consolidated MLS property listing data feed comprised of CLAW (Combined LA/Westside MLS), CRISNet MLS (Southland Regional AOR), DAMLS (Desert Area MLS), CRMLS (California Regional MLS), i-Tech MLS (Glendale AOR/Pasadena Foothills AOR) and VCRDS (Ventura County Regional Data Share). This site was last updated 2024-03-28.
Any information relating to a property referenced on this web site comes from the Internet Data Exchange (IDX) program of CARETS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site.
The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CARETS, CLAW, CRISNet MLS, DAMLS, CRMLS, i-Tech MLS and/or VCRDS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
CARETS, California Real Estate Technology Services, is a consolidated MLS property listing data feed comprised of CLAW (Combined LA/Westside MLS), CRISNet MLS (Southland Regional AOR), DAMLS (Desert Area MLS), CRMLS (California Regional MLS), i-Tech MLS (Glendale AOR/Pasadena Foothills AOR) and VCRDS (Ventura County Regional Data Share). This site was last updated 2024-03-28.
1322 MARYLAND ST
LOS ANGELES, CA
LIGHTBOX-IMAGES