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518 S Park View Street, Los Angeles, California 90057, Los Angeles, 90057 - bed, bath

518 S Park View Street, Los Angeles, California 90057 home-pic-0
ACTIVE$3,100,000
518 S Park View Street, Los Angeles, California 90057
0Bed
0Bath
23,535Sqft
7,589Lot
Year Built
2025
Close
-
List price
$3.1M
Original List price
$3.1M
Price/Sqft
$132
HOA
-
Days on market
-
Sold On
-
MLS number
SR25003697
Home ConditionFair
Features
View-

About this home

We found 2 Cons,3 Pros.

Incredible Development Opportunity to build!!! This property will be delivered with RTI approved plans to build a new 30 unit apartment building on 6 stories and basement. The existing four-plex holds month to month tenants and the property can be vacated in approx. 3 months. Situated in the OPPORTUNITY ZONE, this property is perfectly located in the thriving revitalized area of Macarthur Park/Westlake, just blocks away from Korea Town and Downtown, where currently there are a number of new apartment developments just completed. This property, sits on an expansive, R4 zoned lot and it's also located in Trans Oriented Community (TOC) Tier 3 area which allows the development of a brand new 30 units apartment building, 6 stories and 1 basement with a roof top using the 70% Bonus Density. Only 3 affordable units are required of the 30 proposed units. Motivated seller! All information described here, is for the future construction development and not for the current 4plex.

Nearby schools

3/10
Charles White Elementary School
Public,•1-5•0.2mi
3/10
Macarthur Park Elementary School For The Visual And Performing Arts
Public,•K-5•0.3mi
/10
Lafayette Park Primary Center
Public,•K•0.4mi
/10
Lake Street Primary School
Public,•K-1•0.5mi
2/10
Esperanza Elementary School
Public,•K-5•0.5mi
5/10
Union Avenue Elementary School
Public,•K-5•0.6mi
8/10
Hoover Street Elementary School
Public,•K-5•0.6mi
5/10
Rosemont Avenue Elementary School
Public,•K-5•0.8mi
3/10
Gratts Learning Academy For Young Scholars (Glays)
Public,•K-6•0.9mi
2/10
Tenth Street Elementary School
Public,•K-5•1.0mi
3/10
Leo Politi Elementary School
Public,•K-5•1.0mi
5/10
Commonwealth Avenue Elementary School
Public,•K-5•1.0mi
7/10
Dr. Sammy Lee Medical And Health Science Magnet Elementary
Public,•K-5•1.1mi
4/10
Betty Plasencia Elementary School
Public,•K-6•1.2mi
3/10
Rfk Community Schools - Ambassador School - Global Education
Public,•K-5•1.2mi
6/10
Castelar Street Elementary School
Public,•K-5•2.1mi
3/10
John H. Liechty Middle School
Public,•6-8•0.6mi
3/10
Sal Castro Middle School
Public,•6-8•0.8mi
5/10
Virgil Middle School
Public,•6-8•1.2mi
3/10
Berendo Middle School
Public,•6-8•1.3mi
6/10
Thomas Starr King Middle School
Public,•6-8•2.3mi
3/10
Belmont Senior High School
Public,•9-12•0.8mi
3/10
Rfk Community Schools-Ambassador-Global Leadership
Public,•6-12•1.1mi
4/10
Rfk Community Schools-Los Angeles High School Of The Arts
Public,•9-12•1.1mi
5/10
Rfk Community Schools- For The Visual Arts And Humanities
Public,•9-12•1.1mi
8/10
John Marshall Senior High School
Public,•9-12•3.2mi

Price History

Date
Event
Price
06/12/19
Sold
$1,350,000
03/05/99
Sold
$194,000
09/15/97
Sold
$66,000
Condition Rating
Fair
The listing describes an existing four-plex being sold for development. The images show the current state of the building, which appears aged but maintained. Given the property is being sold for its land and development potential, the condition of the existing structure is likely fair, requiring updates or repairs but not being in a state of disrepair. The description focuses on the future construction, not the current state of the kitchens or bathrooms.
Pros & Cons

Pros

Development Opportunity: RTI approved plans for a new 30-unit apartment building, offering a significant development opportunity.
Strategic Location: Located in an Opportunity Zone and TOC Tier 3 area, near Koreatown and Downtown, providing access to thriving revitalized areas.
High Density Bonus: The property benefits from a 70% Bonus Density, allowing for a larger development with only 3 affordable units required.

Cons

Tenant Vacancy: Existing four-plex requires tenant vacancy, which may take approximately 3 months.
Construction Required: The property requires complete construction of the new apartment building, involving significant time and capital investment.

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