Develope The Legacy Apartments 217 Units 5203 Knowlton St 217 Unit Block of Flats For Sale Los Angeles, CA 90045
Virtual Tour
INVESTMENT HIGHLIGHTS
- Central Location
- Partnership Opportunity
- Freeway 405 and 10
- Development Opportunity
- LAX
EXECUTIVE SUMMARY
INVESTMENT SUMMARY
This is a unique opportunity to invest and participate in a project with multiple options. Option 1: Proceed with an approved 174-unit density bonus project, with the ability to increase density to 217 units under California Assembly Bill (SB) 1211. Option 2: Proceed with ministerial AHIP approval of 100% affordable project with a potential floor area ratio of approx. 311,017 sf. With an average size unit of 500sf, an 100% affordable project would allow approx. 540 units. Senior care facility is a possibility and for other possible options contact the City of Los Angeles.
With a superior location, The Legacy development is highlighted by expansive city views, indoor/outdoor living space with an emphasis on a luxury lifestyle for its residents. Indeed, this is a rare development opportunity for any multi-family Developer/Investor looking to add a highly sought after property to their portfolio.
Currently, 5203 Knowlton St. operates as a 50 Unit apartment building with 50 detached garages spanning the entire city block from La Tijara Blvd. to La Cienga Blvd. and generates a robust revenue stream. The property was developed in the 50’s and has been extremely well maintained with many upgrades made over the years including plumbing, electrical, roof, windows, granite countertops and more.
This is a unique opportunity to invest and participate in a project with multiple options. Option 1: Proceed with an approved 174-unit density bonus project, with the ability to increase density to 217 units under California Assembly Bill (SB) 1211. Option 2: Proceed with ministerial AHIP approval of 100% affordable project with a potential floor area ratio of approx. 311,017 sf. With an average size unit of 500sf, an 100% affordable project would allow approx. 540 units. Senior care facility is a possibility and for other possible options contact the City of Los Angeles.
With a superior location, The Legacy development is highlighted by expansive city views, indoor/outdoor living space with an emphasis on a luxury lifestyle for its residents. Indeed, this is a rare development opportunity for any multi-family Developer/Investor looking to add a highly sought after property to their portfolio.
Currently, 5203 Knowlton St. operates as a 50 Unit apartment building with 50 detached garages spanning the entire city block from La Tijara Blvd. to La Cienga Blvd. and generates a robust revenue stream. The property was developed in the 50’s and has been extremely well maintained with many upgrades made over the years including plumbing, electrical, roof, windows, granite countertops and more.
SALE FLYER
FINANCIAL SUMMARY (ACTUAL - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
£938,472
|
£3.03
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
£938,472
|
£3.03
|
| Net Operating Income |
-
|
-
|
PROPERTY FACTS
UNIT AMENITIES
- Cable Ready
- Dishwasher
- Washer/Dryer
- Washer/Dryer Connection
- Security System
- Kitchen
- Granite Worktops
- Fridge
- Satellite TV
- Oven
- Sprinkler System
- Carpet
- Wi-Fi
- Yard
- Deck
- Double Glazed Windows
- Lawn
- Recreation Room
- Window Blinds
- Large Bedrooms
SITE AMENITIES
- 24 Hour Access
- Courtyard
- Gated
- Period Building
- Wi-Fi
- Lounge
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | Avg. Rent.Mo | SF |
|---|---|---|---|
| Studios | 11 | - | - |
| 1+1 | 151 | - | - |
| 2+1 | 52 | - | - |
| 3+1 | 3 | - | - |
Walk Score®
Very Walkable (85)
PROPERTY TAXES
| Parcel Number | 4103-001-001 | Improvements Assessment | £291,362 |
| Land Assessment | £150,371 | Total Assessment | £441,733 |
ZONING
| Zoning Code | Multi-Family (Currently, 5203 Knowlton St. operates as a 50 Unit apartment building with 50 detached garages spanning the entire city block on Knowton Steet.) |
