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Listed by Michael Rabbani of Rodeo Realty
ATTENTION ALL DEVELOPERS, REMODELERS & MULTI-UNIT INVESTORS! Exciting opportunity in a prime location! This two-story duplex, nestled on a 6,384 sq. ft. lot zoned {Q}-LA-R3-O and under TOC Tier 2 (Transit Oriented Communities), offers immense potential. Each unit, comprising 2 beds and 1 bath, currently houses tenants with rents of $2,720/month and $1,665/month, respectively. This property also boasts an exceptional Pedestrian Friendly rating of 9.6 out of 10, highlighting its accessibility and appeal to a wide tenant base. The true value lies in its future possibilities: Plans have been submitted for final approval and will be RTI within a short period for a transformative 14,000 sq. ft., 4-story apartment building with 26 affordable housing units, promising a significant transformation and lucrative investment opportunity. This lot is ripe for various ventures, including renovation for rental upside, ground-up development of the approved 26-unit affordable housing apartment complex, condominium & small lot subdivision projects, as well as additions of ADUs. The R3 zoning offers flexibility, allowing developers to explore other variances with the city of Los Angeles as applicable. Buyer is advised to conduct thorough due diligence and verify all remodel & development possibilities. This is not just a property; it's a gateway to a multitude of lucrative opportunities in one of the most sought-after areas. Seize this rare chance to invest in a property that promises not just a return on investment, but also a significant contribution to the urban landscape of one of the most sought-after neighborhoods.

Property Details of 1140 S Shenandoah Street

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Based on information submitted to CRMLS as of May 24, 2024 5:53 AM EDT . All data is deemed reliable but is not guaranteed accurate by the MLS. All information should be independently reviewed and verified for accuracy. IDX information is provided exclusively for consumers’ personal, noncommercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

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