734 S Manhattan Pl, Los Angeles, CA 90005

Property Description

***BANK OWNED SALE*** 64 UNITS RTI Plans - We are excited to offer 734 S. Manhattan Place, a 15,000-square-foot TOC Tier 3 vacant lot zoned R4-2 in the heart of Koreatown. This prime development opportunity offers various possibilities, including the option to immediately begin construction on a fully approved 64-unit, seven-story project, or to explore a new design for an ED1 100% affordable housing project.The current owner has full approvals to build a 60 unit + 4 ADUs RTI (Ready-to -Issue) development. The seven-story proposed project will encompass approximately 61,639 square feet in total building area. Of the 64 units proposed, 24 will be studio units, 30 will be three-bedroom units, 6 will be four-bedroom units and 4 will be ADUs. 6 of the 64 total units will need to be dedicated to extremely low income affordable units. The plans include 33 automobile parking spaces, 49 long-term bicycle spaces and 12 short-term parking spaces. Designed with modern living in mind, each unit will appeal to a wide range of tenants, ensuring high occupancy rates and steady cash flow. Property is currently fully vacant, so no tenant relocations required. Located just two blocks from the Wilshire/Western intersection, this property offers easy access to the vibrant amenities of Koreatown and within short driving distance of Downtown LA, Hollywood, Los Feliz, Silver Lake, and Hancock Park.