500 South Union Avenue
500 South Union Avenue
$5,495,000
91
91
64,759
64,759
$85
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.
- Listed by Benjamin J. Hsiang • DRE #01438644 • Brokerage DRE #01438644 • Realty Investment Advisors, Inc.
Property Details for 500 South Union Avenue
Zoning
LAR4
Parcel Number5153005030
Total Units85.0
Living Area64759
Source Living AreaPlans
AreaDowntown L.A. (C42)
Vacancy Rate100%
Lot Size Area19921
Location
LISTING UPDATED: 01/19/2024 09:13 AM
Property Details for 500 South Union Avenue
Status | Active |
---|---|
MLS # | 23-322233 |
Days on Market | 193 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income |
Year Built | 2025 |
Lot Size | 0.46 AC / 19,921 SF |
County | Los Angeles County |
Location
Building Information for 500 South Union Avenue
Stories7Residences-Year Built2025Building Size-Lot Size0.46 AC / 19,921 SF
Payment Calculator
$31,356 per month
The Payment Calculator is for illustrative purposes only.
Property Information for 500 South Union Avenue
Property History for 500 South Union Avenue
Date | Event & Source | Price | Appreciation |
---|
Date | Event & Source | Price |
---|
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 | ||
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.
Similar Homes
Sorry, we can't find any similar homes at this time. Please check back later.
Similar Sold Homes
Sorry, we can't find any similar sold homes at this time. Please check back later.