Development & Investment Opportunity: Fully RTI for 16 Units, Approved for Section 8 Presenting a prime investment and development opportunity with Fully RTI (Ready to Build Immediately) plans for 16 units, consisting of 13 one-bedroom units and 3 two-bedroom units. The property is approved for Section 8, offering significant future rental income potential upon completion. Key Features: RTI for 16 Units: The property is approved and ready for immediate construction, with plans for 13 one-bedroom units and 3 two-bedroom units, creating a strong future rental income stream. Current Income: The existing 6-bed, 3-bath duplex currently generates $5,460 per month in rental income from non-Section 8 tenants, providing reliable cash flow as you move forward with your development plans. Additional Room: An additional room in the duplex is available for rent, further increasing the property’s rental income potential. Ellis Act Eligible: The property is eligible for the Ellis Act, offering flexibility for future redevelopment or adjustments to tenant occupancy. This is a rare opportunity for investors to take advantage of a fully RTI property, currently generating rental income with non-Section 8 tenants while offering strong future potential through Section 8 approval. With immediate cash flow and long-term growth possibilities, this property is a solid addition to any portfolio. Please inquire about current expenses on the duplex
Property Details
Price:
$988,888
MLS #:
SR25126853
Status:
Active
Baths:
0
Address:
602 W Vernon Avenue
Type:
Residential Income
Subtype:
Duplex
Neighborhood:
c36metropolitansouthwest
City:
Los Angeles
Listed Date:
Jun 4, 2025
State:
CA
ZIP:
90037
Lot Size:
6,848 sqft / 0.16 acres (approx)
Year Built:
1912
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Schools
Interior
Exterior
Community Features
Biking, Sidewalks, Street Lights
Garage Spaces
0.00
Lot Features
2-5 Units/ Acre
Parking Spots
0.00
Pool Features
None
Sewer
Public Sewer
Stories Total
1
Water Source
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Financial
Association Fee
0.00
Map
Community
- Address602 W Vernon Avenue Los Angeles CA
- AreaC36 – Metropolitan Southwest
- CityLos Angeles
- CountyLos Angeles
- Zip Code90037
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602 W Vernon Avenue
Los Angeles, CA
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