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$ 2,650,000
Est. payment /mo
Active
718 N Avalon Wilmington, CA 90744
0.68 Acres Lot
UPDATED:
12/05/2024 01:03 AM
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID SB24034728
HOA Y/N No
Lot Size 0.683 Acres
Property Description
An updated development opportunity is now available in the Wilmington neighborhood of Los Angeles, offering an attractive proposition for experienced builders and developers.
The lot assemblage totals 29,766 square feet, with potential for 100% Affordable Housing under the current 2023 ED1 emergency declaration, which remains active despite the original vesting expiration. This ongoing declaration provides flexibility in pursuing new plans, with initial architectural designs projecting maximum building area in phased development. Early discussions with City Planners have indicated support for an updated development proposal.
The pricing has been revised to reflect the reduced project scope and ownership is open to discussions on seller-financing for the land acquisition, with terms of up to two years.
Environmental inspections have been completed, and the reports are available directly from the vendors for a nominal fee. A potential design option allows for phased development across multiple buildings, offering a methodical and strategic path for execution.
Located within a designated Opportunity Zone, this site offers potential for considerable tax advantages and development design. For those seeking a well-positioned project in Los Angeles, this is an offering worth close consideration.
Buyer to verify all aspects of project site and design.
The lot assemblage totals 29,766 square feet, with potential for 100% Affordable Housing under the current 2023 ED1 emergency declaration, which remains active despite the original vesting expiration. This ongoing declaration provides flexibility in pursuing new plans, with initial architectural designs projecting maximum building area in phased development. Early discussions with City Planners have indicated support for an updated development proposal.
The pricing has been revised to reflect the reduced project scope and ownership is open to discussions on seller-financing for the land acquisition, with terms of up to two years.
Environmental inspections have been completed, and the reports are available directly from the vendors for a nominal fee. A potential design option allows for phased development across multiple buildings, offering a methodical and strategic path for execution.
Located within a designated Opportunity Zone, this site offers potential for considerable tax advantages and development design. For those seeking a well-positioned project in Los Angeles, this is an offering worth close consideration.
Buyer to verify all aspects of project site and design.
Location
State CA
County Los Angeles
Area 196 - East Wilmington
Zoning LAC2
Interior
Fireplace No
Exterior
Community Features Suburban
View Y/N No
View None
Building
Lot Description 0-1 Unit/Acre
Water See Remarks
New Construction No
Others
Senior Community No
Tax ID 7423002039
Acceptable Financing Cash to New Loan, Owner May Carry
Listing Terms Cash to New Loan, Owner May Carry
Special Listing Condition Standard
Listed by Amie Shepard • West Shores Realty, Inc. • 310-686-4544