3030 W 12th Place, Los Angeles, CA 90006

Property Description

Prime Koreatown development opportunity delivered fully vacant! Situated on a 7,013 SF R4-1VL lot, 3030 W 12th Pl offers exceptional redevelopment potential in one of Los Angeles' most active multifamily corridors. A new owner may build up to 49 units via the Affordable Housing Incentive Program (100% affordable) which makes the most sense for the location and the tax incentive. This parcel allows 17 units by-right under the current RSO but the 1VL caps the by-right height at 45ft. The property currently features a side-by-side 1,936 SF duplex with one remodeled unit and one unit ready for value-add improvements. Existing details include original wood floors and built-ins, along with two one-car garages located at the rear of the property. Also available are approved RTI (Shovel-Ready) approved plans for a 5-story, 17-unit multi-family building spanning 12,092 SF. The project has been brilliantly engineered for maximum ROI and cost efficiency: features on-grade surface parking (zero subterranean excavation), exterior egress balconies, and underground electric designed to bypass the need for an expensive transformer with only 2 ELI units. Centrally located near Pico Blvd and Western Ave, this property sits in a highly walkable neighborhood surrounded by restaurants, markets, nightlife, and public transportation. Convenient access to USC, Crypto.com Arena, DTLA, and the 10 Freeway makes this an ideal opportunity for developers, investors, and long-term land holders alike. Pls inquire for the RTI plan and/or site sturdy with the latest density incentives.