REO Sale | Silver Lake Development
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The LAAA Team of Marcus & Millichap is proud to announce another successful REO sale with this 7,507 SqFt lot in Silver Lake, located at 3415 Bellevue Ave, Los Angeles, CA 90026. This vacant 4-unit property was sold for land value to a local developer.
The LAAA Team is quickly becoming one of the most active teams for REO or court ordered sales in Los Angeles of multifamily or land for multifamily development. This REO closing is now our 9th sale for a bank or court appointed seller since the beginning of 2020, and we have our 10th one closing later this month.
Property Info
This 7,507 SqFt lot is zoned R3-1VL, which allows a developer to build 9 units by right, or a maximum of 14 units if the developer decides to utilize the state's density bonus. If the buyer decides to build the maximum 14 units, he will need to set aside at least 2 of the units for low income housing. Furthermore, the property currently has a 2,840 SqFt, 4-unit apartment building on the property, which was 100% vacant at the time of sale.
Deal Story
The LAAA Team of Marcus & Millichap is proud to announce another successful REO sale with this 7,507 SqFt lot in Silver Lake, located at 3415 Bellevue Ave, Los Angeles, CA 90026. This vacant 4-unit property was sold for land value to a local developer.
The LAAA Team is quickly becoming one of the most active teams for REO or court ordered sales in Los Angeles of multifamily or land for multifamily development. This REO closing is now our 9th sale for a bank or court appointed seller since the beginning of 2020, and we have our 10th one closing later this month.
Property Info
This 7,507 SqFt lot is zoned R3-1VL, which allows a developer to build 9 units by right, or a maximum of 14 units if the developer decides to utilize the state's density bonus. If the buyer decides to build the maximum 14 units, he will need to set aside at least 2 of the units for low income housing. Furthermore, the property currently has a 2,840 SqFt, 4-unit apartment building on the property, which was 100% vacant at the time of sale.
