Price includes apn 5247-024-020 a 24,689 sq. Ft. Parcel. Together both parcels total of 35,814 sq. Ft. Of r-2. A developer may build up to 32 market rate units on these two parcels 'by-right'' and/or should one wish to take advantage of california's sb1818 law and apply for the density bonus incentive for additional units to be constructed. Both parcels must be sold together. They are located one and a half blocks from the gold line stop at third street and mednik avenue. The gold line is one of six metro rail systems serving 21 stations throughout los angeles county that transports passengers from pasadena in the north to long beach in the south and azusa in the east and to santa monica in the west. Seller may finance the sale with 20% down depending on buyer's financial statement; and accept the down payment as advance interest to shelter buyer's taxable income and also postpone buyer first payment for two years. The price is $41.88 per square foot which compares well with other development property sold in the area. Cielito lindo a 52 unit complex at 1st & soto stretts is being built on three parcels totaling 22,392 sq. Ft. That sold for $45.44 per sq. Ft.
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RICHARD STRICKLAND; BROKER
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