718 N Avalon, Wilmington CA, 90744
(Active)
$3,950,000
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MLS# SB24034728
Last Updated: 5/17/2024 11:56 PM
Description for
718 N Avalon
Wilmington, CA 90744
Rare opportunity to acquire Opportunity Zoned lot assemblage totaling 43,449 square feet. These parcels were previously vested as a 208-Unit apartment building, offering 100% Affordable Housing. This unique opportunity to develop is located in the Wilmington neighborhood of Los Angeles. Architectural design submitted could afford 100,196 sf of building space.This project was vested under the 2023 ED1, which is set to undergo imminent revisions. Scheduled to be trimmed back and codified within the next couple of weeks, the current zoning for 208 units will be drastically reduced. This renders the current phase a rare and time-sensitive opportunity, as it may no longer be viable once the codification process is complete.Environmental inspections have been completed and reports are available for a separate fee. The project can include seller-financing for the land acquisition for up to 2 years. .Project previously vested consists of 3 separate buildings that can be built in phases.
Price
$3,950,000
Los Angeles
SB24034728
Active
Description
Rare opportunity to acquire Opportunity Zoned lot assemblage totaling 43,449 square feet. These parcels were previously vested as a 208-Unit apartment building, offering 100% Affordable Housing. This unique opportunity to develop is located in the Wilmington neighborhood of Los Angeles. Architectural design submitted could afford 100,196 sf of building space.This project was vested under the 2023 ED1, which is set to undergo imminent revisions. Scheduled to be trimmed back and codified within the next couple of weeks, the current zoning for 208 units will be drastically reduced. This renders the current phase a rare and time-sensitive opportunity, as it may no longer be viable once the codification process is complete.Environmental inspections have been completed and reports are available for a separate fee. The project can include seller-financing for the land acquisition for up to 2 years. .Project previously vested consists of 3 separate buildings that can be built in phases.
Listing Information
| Property Type: Land, Other | ||
| 1 Acres | Assessor | |
See Remarks
Neighborhood
Room Information
Exterior / Lot Features
0 Covered Parking Spaces,
LAC2
0-1 Unit/Acre
Driving Directions
South of Anaheim on Broad or Avalon
Financial Considerations
| 7423002039 |
Cash to New Loan,Owner May Carry
Listing Price History
Wilmington Real Estate
Wilmington is located in California. Wilmington, California 90744 has a population of 55,109.
The median household income in Wilmington, California 90744 is $52,265. The median household income for the surrounding county is $73,262 compared to the national median of $66,222. The median age of people living in Wilmington 90744 is 38 years.
Data provided below are primarily sourced from Public Records data.
Nearby Recent Sales (Sourced from Public Records)
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Price History
| Date | Event | Price | Source |
|---|---|---|---|
| 4/26/2024 | Active | $3,950,000 USD -21.00% |
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| 2/19/2024 | Active | $4,999,999 USD |
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