2811 San Marino Street, Los Angeles, CA 90006

Property Description

REDUCED! We are pleased to present the San Marino Villas, a rare opportunity to acquire a Ready-to-Issue (RTI) 45-unit development project at 2811 San Marino Street, centrally located in Koreatown. Now offered at $2,250,000, the project represents an attractive basis of $50K per door. Existing improvements consist of 4 units to be delivered vacant, providing the buyer with a clear path toward redevelopment. The proposed project consists of 36 base units + 9 ADUs, with a unit mix of 13 two-bedroom units, 23 one-bedroom units, and 9 studios. TOC project - NOT ED1, with 11% of the base units designated Extremely Low Income. The project will be delivered RTI WITH ALL PERMIT FEES PAID! Plans call for a 7-story development featuring Type III-A construction over Type I-A, seven residential stories above two levels of subterranean parking, plus a rooftop deck for resident enjoyment. Ideally situated in the heart of Koreatown near shopping, dining, employment, transit, and other neighborhood amenities. Approved architectural plans are available for review. Do not miss this opportunity to acquire a ready RTI project with all permit fees already paid. Begin construction without starting the permitting process from scratch! Buyer is advised to independently verify all information, including but not limited to existing improvements, zoning, TOC incentives, affordability requirements, plans, permits, RTI status, development potential, square footage, and all other project details with the appropriate professionals and governmental agencies. Contact listing agent for additional information and architectural plans.