Off- Market Duplex in LA - No Offers So Far
Hoping I can get some feedback about a deal that was brought to me. I am Realtor and a friend hired me to find a buyer for an off-market duplex in LA (West LA/Beverly Hills area). I have posted the deal on Biggerpockets and reached out to my buyer list but I have yet to receive any feedback or offers. If anyone can give me their thoughts on the deal and what I can improve to make the deal more appealing, I would appreciate it.
Property Details:
Asking $2,500,000
4 bedrooms, 2 bathrooms
6,000 square foot lot
The lot is zoned R-3 and it has great potential for additional units (5 - 6 units). Property is best suited as a tear down. Condition of the interior will not allow for conventional financing.
The asset has a redevelopment opportunity as well. The duplex is 820 feet from a qualifying bus Transit Stop on Olympic and La Cienega and 1,300 feet from New Metro Station at La Cienega and Wilshire Blvd.
The location qualifies for a Tier 3 TOC zoning bonus of 70%. The zoning bonus would allow for 8 -10 units on the lot.