10900 Lillian Lane, South Gate, CA 90280
Property
Sold October 2023
Listing Agent: Jackson Jorgensen (DRE #02022727) · Listing Office: Younglewin Advisors, Inc. · Contact: 562-318-0215 · Bought with: Jackson Jorgensen · Younglewin Advisors, Inc. · MLS #PW23109776 · Source: CRMLS
About this property
We are pleased to present 10900 Lillian Lane, an 8 unit existing mulifamily property with further development potential located on a massive 25,737 square foot lot. Zoned CDR2 within the City of South Gate, this allows for mixed or single use development of multifamily of up to four stories (50 feet), with bonus allowances of up to five stories. (60 feet). The current density minimum for a building of this zoning is 21 unit per acre, a maximum of 32 units per acre, and a maximum/w bonus of 85 units per acre. Standard setbacks for this site are going to be 10 feet away from the existing building and 10 feet from the street. Lillian Lane is located on the east side of the 710 and is within one block of the city of Downey. Residents of Lillian Lane benefit being in the city of Downey School district. The current layout of the property are two identical triplex's contiguous of each other consisting of all one bedroom units. South of the property are two detached houses consisting of a 930 Square foot 2 bed/1 bath stand alone house, and a 1,917 square foot 3 bed/2 bath house. To the south of this is a detached gazebo structure, a two car detached garage, and a small stand alone structure. This part of the lot could be utilized for further development detailed in the development opportunities section. The current rents are substantially below market. A new investor has a few options including renovating current buildings and raising rents to market, demolishing the entire building and building a larger single structure, or keeping the existing building and building additional units in the rear of the property.
Listing description from the October 2023 sale, as reported to CRMLS.
Sale history