500 South Union Avenue

Los Angeles, CA 90017

$5,495,000
Price
91
Beds
91
Baths
64,759 Sq. Ft.
$85 / Sq. Ft.
64,759
Sq. Ft.
$85
per Sq. Ft.

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. Seventy-three (73) of the proposed units will be MARKET rate while there are eight (8) very low income and four (4) extremely low income affordable units. 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
5153005030
Total Units
85.0
Living Area
64759
Source Living Area
Plans
Area
Downtown L.A. (C42)
Vacancy Rate
100%
Lot Size Area
19921

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 #23-322233
Days on Market193
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income
Year Built2025
Lot Size0.46 AC / 19,921 SF
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

Stories7Residences-Year Built2025Building Size-Lot Size0.46 AC / 19,921 SF

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
  • Number Of Units: 85
  • Senior Community: No
Structure Info
Structure Info
  • Year Built Source: Estimated
  • Number Of Stories: 7
  • Number Of Buildings: 1
  • Type Of Units: Apartments
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Income & Expenses Information
Income & Expenses Information
  • Scheduled Actual: Scheduled
  • Gross Operating Income: $0
  • Net Operating Income: $.00
  • Gross Income: $0
  • Gross Rent Multiplier: $.00
  • Total Annual Expense: 0
Land / Lot Info
Land / Lot Info
  • Lot Acreage: 0.4567
  • Lot Size Square Feet: 19921
Parking Details
Parking Details
  • Parking Garage: Above Street Level, Community Garage, Covered Parking
  • Total Parking: 43
  • Covered Parking: 43
  • Parking Features: Driveway Down Slope From Street, Community Structure, Covered
Interior Features
Interior Features
  • Levels: Three Or More
  • Cooling Type: Other
  • Heating Type: Other
  • Equipment: Refrigerator, Garbage Disposal, Range/Oven, Dishwasher
Exterior Features
Exterior Features
  • New Construction: No
  • Other Structures: None
Lease Terms
Lease Terms
  • Entry Date: 10-17-2023
Unit Details
Unit 1 Information
  • Unit Beds: 1
  • Unit Baths: 1
  • Unit Furnished: No
  • Unit Rent: $.00
  • Unit Actual Rent: $.00
  • Unit Projected Rent: $.00
  • Like Units: 79
Unit 2 Information
  • Unit Beds: 2
  • Unit Baths: 2
  • Unit Furnished: No
  • Unit Rent: $.00
  • Unit Actual Rent: $.00
  • Unit Projected Rent: $.00
  • Like Units: 6
Unit Details
  • Unit Type Type: 2106, 2107
Tax and Assessed Info
Tax and Assessed Info
  • Assessed Improvement Value: $321,660.00
  • Assessed Improvement Percent: 25.42
  • Assessed Land Value: $943,537.00
  • Assessed Land Percent: 74.58
  • Assessed Total Value: $1,265,197.00

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
Public - K to 5
Public - 6 to 8
Public - 9 to 12
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

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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500 South Union Avenue is a multi-family home 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 193 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 91-bed, 91-bath, 64,759 sqft multi-family home built in 2025.

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.