8733 Reading Avenue, Los Angeles, CA 90045
Property
Sold September 2023
Listing Agent: Benjamin J. Hsiang (DRE #01438644) · Listing Office: Realty Investment Advisors, Inc. · Contact: 424-377-6001 · Bought with: Benjamin J. Hsiang · Realty Investment Advisors, Inc. · MLS #23260215 · Source: CRMLS
About this property
We are delighted to present an exceptional, fully vacant six-unit property in the thriving Westchester neighborhood of Los Angeles. This unique investment opportunity, sprawled across a double-wide lot, consists of six two-bedroom one units, perfect for transformation into high-quality living spaces. This property is located at 8733-8739 Reading Ave and has received a Letter of Determination for 34 buildable units. This development can be purchased individually, or as part of a combined 288 buildable unit portfolio within a quarter-mile radius with a total asking price of $24,725,000. This location is strategically situated just minutes from the world-renowned LAX airport, surrounded by major employers such as Google, Northrop Grumman, and Boeing, making it an ideal location for those seeking employment opportunities. The area also offers easy access to SoFi Stadium, home to the Los Angeles Rams and Chargers, which has become a major entertainment destination that hosts a variety of events throughout the year. A few miles west is Playa Del Rey, a vibrant beach town offering a relaxed atmosphere, access to the beach, and a variety of local shops and restaurants. Loyola Marymount University, one of the top private universities in the region, is also less than three miles away, adding a strong educational element to the area. Additionally, located just southwest of Westchester, El Segundo is a booming city home to the headquarters of several major corporations, including Mattel, Raytheon, and SpaceX. The average household income within two miles of this property assemblage exceeds $100,000, reflecting the tremendous economic strength of the area. In 2022, Google leased nearly 53,000 square feet of space in Playa Vista, indicating the strong potential for growth and development in the area. This unique investment opportunity is not to be missed by developers and institutions looking to quickly expand their ground-up portfolio and capitalize on the unlimited potential of this central area. With the acute housing shortage in Los Angeles, this opportunity also presents a chance to create high-quality housing options for one of the highest rental demand markets in California.
Listing description from the September 2023 sale, as reported to CRMLS.
Sale history