2408 Eastern Ave - 2.154Acre Residential Development Lot 1.82 Acres of Residential Land Offered at $2,877,378 CAD in Los Angeles, CA 90032

Growth Investment Group California is proud to offer 7 combined lots: 2408 N Eastern, 2410 N Eastern, and a ±1.82ACRE Residential development lots (5 parcels behind it) for sale. This combined portfolio totaling 2.154ACRE residential lot that is prime and ready to be redeveloped. These properties have been in the same family for more than 11 years and this is the first time they have been offered for sale. The properties are strategically located in El Sereno, bordering Alhambra and a short distance to Downtown Los Angeles.
The properties are strategically located at the border of Alhambra, and adjacent to Hillside Village neighborhood. The location is only several blocks away from Valley Blvd, El Sereno Park & Recreation Center, Ascot Hills Park, and only minutes to Cal State University Los Angeles. The properties enjoy close proximity to Downtown Los Angeles area via Huntington Drive or FWY 10 which is only minutes away. It has good demographics with $101,398 AHH Income within a 1-mile radius.
The 5 residential lots totaling 1.82ACRE are located right behind the 2 triplexes (located at 2408-2410 N Eastern Ave). It offers a rare and prime opportunity for developers to acquire an infill large development site in a mature area. It has a total of 1.82ACRE (79353 SF) lot size with RD5-1D zoning; gently sloping lot. There is an access street from a quiet and cul-de-sac street (THELMA AVE – use 2357 or 2358 Thelma Ave in Google map).
On the 5 lots, Seller has initial architect drawing to build a 15 units master plan Single Family Residential – drawings will be included in the sale. The Sales comparable for older homes in the immediate El Sereno area with small lots (older houses with less than 6000SF lot size) in the past 12 months shows a range of sales price between $800,000 to $1,500,000. The 7 lots are priced to sell at only $22/SF lot. Upon completion of the project, each finished SFR could be worth $1.5million (buyer to verify).
2408 and 2410 N Eastern are 2 side by side Triplex (3 unit) with identical layout and unit mix. Each building has 3 x 1bedroom+1bathroom unit and has about 1,868 SF living space and sit on a 7,243 SF lot. Both properties were built in 1947 and each building has a center courtyard area.
Each unit is averaging about 625 sf. Each unit has a functional layout, smooth ceiling, individual water heater, and some units have laundry hookups. Each unit is separately metered for electricity and gas. Some units have updated bathrooms (tiled bathroom). One unit is currently in eviction process (2410-A) and the new owner can take over the file and continue the process. Each building has its own driveway providing easy access to the garage area. The electrical panel for each unit has been upgraded (buyer to verify). Seller has 2 garage spaces as storage that can be easily rented out by final buyers.