500 Midvale Avenue, Los Angeles, CA 90024
  • MLS#: 25571871 ( )
  • Street Address: 500 Midvale Avenue
  • Viewed: 7
  • Price: $23,895,000
  • Price sqft: $0
  • Waterfront: No
  • Year Built: 1936
  • Bldg sqft: 0
  • Days On Market: 82
  • Additional Information
  • County: LOS ANGELES
  • City: Los Angeles
  • Zipcode: 90024
  • Provided by: Remax Commercial and Investment Realty
  • Contact: Jonathan Jonathan
  • California Regional MLS IDX
  • DMCA Notice
  • Description
    We are pleased to present a once in a generation opportunity to acquire three contiguous apartment buildings totaling 23 units, situated on a massive 30,634 square foot corner lot nearly three quarters of an acre in the heart of Westwood Village. Located at 500, 512, and520 Midvale Avenue, this irreplaceable assemblage is zoned R4(q) and offers one of the most unique and high impact student housing or multifamily development opportunities in all of West Los Angeles. The property is ideally suited for a transformative new project that leverages both scale and location to deliver high demand housing in a severely supply constrained submarket. Just steps from UCLA, the property benefits from proximity to one of the most prestigious and densely populated public universities in the world, with over 46,000 students and limited on campus housing availability. The area remains chronically undersupplied, and student housing rents in this submarket are among the highest in the city on a price per square foot basis. This asset is already generating nearly $1,000,000 in annual gross rental income, offering a developer meaningful in place cashflow while working through entitlements or planning a future redevelopment.Multiple development pathways are available, including density boosting programs under the City of Los Angeles' evolving housing incentive landscape. These may include the Citywide Housing Incentive Program (CHIP), Transit Oriented Communities(TOC) incentives, and other state aligned density bonus tools designed to encourage the construction of new housing. Whether reimagined as a best in class student housing development or a market rate or mixed income multifamily asset, this offering represents a rare opportunity to create a legacy project in one of Los Angeles' most stable, desirable, and high performing rental markets.
Property Location and Similar Properties
Request More Information
  • All fields are required.
Contact Patrick Adams
Contacting Patrick Adams
  • All fields are required.
Schedule A Showing
Schedule a Showing.
  • All fields are required.
Check this box to Register with us:
Features
Building Area Total
  1. 24967.00
Cooling
  1. Wall/Window Unit(s)
Country
  1. US
Heating
  1. Wall Furnace
Levels
  1. One
Netoperatingincome
  1. 0.00
Parcel Number
  1. 4363010012
Parking Features
  1. Assigned
Postalcodeplus4
  1. 2390
Sourcesystemkey
  1. 25571871:CLAW
Totalexpenses
  1. 0.00
Year Built
  1. 1936
Zoning
  1. LAR4