500 South Union Avenue

500 South Union Avenue

Los Angeles, CA 90017

$5,495,000
Price
19,921 / 0.46
Lot Size / Acres
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Description

We are proud to present a rare opportunity for a developer to acquire an 85-unit, seven-story development project situated in the vibrant Westlake district, just minutes away from Downtown Los Angeles. This remarkable offering encompasses three assembled lots, totaling 19,921 square feet of prime land. The proposed development spans an impressive 64,759 square feet and comprises seventy-nine (79) one-bedroom, one-bath units, as well as six (6) two-bedroom, two-bath units. Notably, the project incorporates...We are proud to present a rare opportunity for a developer to acquire an 85-unit, seven-story development project situated in the vibrant Westlake district, just minutes away from Downtown Los Angeles. This remarkable offering encompasses three assembled lots, totaling 19,921 square feet of prime land. The proposed development spans an impressive 64,759 square feet and comprises seventy-nine (79) one-bedroom, one-bath units, as well as six (6) two-bedroom, two-bath units. Notably, the project incorporates forty-three (43) conveniently located parking spaces within the first two stories of the building, eliminating the need for subterranean parking. It's worth mentioning that the sellers have dedicated over 3 years to navigate the city approval process, and the plans are now at the advanced stage of being approximately 90% Ready to Issue (RTI) status. Furthermore, the seller has initiated an Ellis Act for the ten remaining tenants in the existing buildings, with a scheduled move-out date set for July 2024. The Westlake neighborhood, nestled in Central Los Angeles, offers a unique blend of residential and commercial living. Bordered by Silver Lake to the north, Echo Park to the northeast, Downtown to the southeast, and Pico-Union to the southwest, with Koreatown to the west, Westlake has a rich history. While it primarily developed in the 1920s, the area has seen a transformation, with many of its historic mansions now converted into apartments. Additionally, new multifamily buildings have been erected in response to the high demand for housing in this dynamic and ever-evolving part of the city.
  1. Listed by Benjamin J. Hsiang • DRE #01438644 • Brokerage DRE #01438644 • Realty Investment Advisors, Inc.

Property Details for 500 South Union Avenue

Zoning
LAR4
Parcel Number
5153005029
Area
Downtown L.A. (C42)
Lot Size Area
19921
Source Lot Size Area
Plans
Assessor Parcel Number
5153-005-029
Directions
South of 101 FWY, West of 110 FWY

Location

Listing Courtesy of Realty Investment Advisors, Inc., Benjamin J. Hsiang, DRE #01438644
Add your commute
LISTING UPDATED: 01/19/2024 09:13 AM

Property Details for 500 South Union Avenue

StatusActive
MLS #23-322181
Days on Market192
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeLand
MLS TypeLand Lot
Year Built-
Lot Size0.46 AC
CountyLos Angeles County

Location

Listing Courtesy of Realty Investment Advisors, Inc., Benjamin J. Hsiang, DRE #01438644
Add your commute

Building Information for 500 South Union Avenue

Lot Size0.46 AC

Payment Calculator

$31,356 per month

30 year fixed, 7.25% Interest

Principal and Interest

$29,988

Property Taxes

$1,368

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 500 South Union Avenue

Community / Development
Community / Development
  • Senior Community: No
Structure Info
Structure Info
  • View: No
  • View Description: None
  • View: None
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Land / Lot Info
Land / Lot Info
  • Special Zoning: None
  • Lot Acreage: 0.4567
  • Lot Size Square Feet: 19921
  • Telephone: 1.0
  • Cable: 1.0
  • Public Street: Yes
Parking Details
Parking Details
  • Total Parking: 0
Exterior Features
Exterior Features
  • New Construction: No
Lease Terms
Lease Terms
  • Entry Date: 10-17-2023

Property History for 500 South Union Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 500 South Union Avenue

Taxable ValueLand$962,370Additions$328,093Total$1,290,463
Tax Record2023$16,416 ($1,368 / month)
Home Facts
Total Finished SqFt6,064 SqFtAbove Grade Finished SqFt6,064 SqFtLot Size6,633 SqFtStyleMulti-Family Res (5+ Units)Year Built1914ZoningLAR4CountyLOS ANGELESAPN5153-005-030

Schools near 500 South Union Avenue

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Union Avenue Elementary School
Public - K to 5
John H. Liechty Middle School
Public - 6 to 8
Academic Leadership Community School
Public - 9 to 12
Contreras Learning Center-School Of Social Justice
Public - 9 to 12
Rating
School
Distance
Union Avenue Elementary School
PublicK to 5

John H. Liechty Middle School
Public6 to 8

Academic Leadership Community School
Public9 to 12

Contreras Learning Center-School Of Social Justice
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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More information about 500 South Union Avenue, Los Angeles, CA 90017

500 South Union Avenue is a 0.46 ac of land for sale in Los Angeles, CA 90017. This property was listed for sale on October 17, 2023 by Realty Investment Advisors, Inc., it's currently listed at $5,495,000. It has been on the market for a total of 192 days and was last sold on December 14, 2017. This listing's school district is Los Angeles Unified School District. Nearby schools include Union Avenue Elementary School, John H. Liechty Middle School and Academic Leadership Community School. 500 South Union Avenue is a 0-bed, 0-bath, 0.46 ac of land on a 19,921 sq. ft. / 0.46 acres lot.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Realty Investment Advisors, Inc., Benjamin J. Hsiang, DRE #01438644

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.