The LAAA Team of Marcus & Millichap is pleased to present a unique value-add development opportunity located at 324 West 51st Street in Los Angeles, California. The site currently consists of a fully vacant 4-unit multifamily property totaling 3,916 square feet and sits on a single parcel totaling 5,508 square feet (.13 acres) zoned LARD2 with Tier 1 TOC Bonus.

The offering comes complete with RTI plans that permit the new investor to upgrade the units from 1 Bedroom / 1 Bathroom to (2) 3 Bedroom / 1 Bathroom, and (2) 3 Bedroom / 1.5 Bathroom units. Additionally, the deal will be delivered with RTI plans that permits the new investor to add two (2) detached, 641.5 square foot ADU’s behind the existing structure which would bring the total unit count to six (6) and with a total square footage of 5,200. The addition of the ADU’s combined with the unit conversions will heavily increase the property’s value and allow the new investor to collect significantly higher rents than what would have been possible before.

With the Summer Olympics coming to Los Angeles in 2028, as well as the recent opening of the nearby SoFi Stadium in Inglewood, the subject property will benefit greatly by being situated in one of the most quickly gentrifying pockets in the city. The continued growth that’s expected in the property’s vicinity will promote the creation of capital, tourism, jobs, and an influx of skilled workers which will serve as a great benefit to the new investor for years to come.

What makes this offering most attractive is that the pieces are already in place for the new investor to quickly capture significant upside, both in terms of potential rents, and property value. The road map that’s in place will result in hundreds of thousands of dollars in profit in a short period of time, much less time than what could be expected as achievable across most other investment vehicles.

Given the fact that the deal will be delivered with all of the plans for the improvements in place, the new investor will be able to begin work on the renovations right away and will allow them to reap the benefits of a major value-add project without having to endure the hassle of dealing with the City and Planning Department.