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    Affordable Apartment Development Site Title is generated by Realmo AI

    1050 S Norton Ave, Los Angeles, CA 90019

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    Claim this Listing
    New
    For Sale
    $4,200,000

    LAND - Los Angeles, CA

    Property size:
    42,908 SF
    Lot size:
    0.43 Acres
    Price / SF:
    $97/SF
    Added:
    Jun 2, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 3 at 11:06 pm

    Property Features for 1050 S Norton Ave

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    R3-1-O-HPOZ
    Standard status
    Active
    APN
    5081-010-009
    Lot size
    0.43 Acres

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    Listing Contact
    Jordan Petito
    Jordan Petito

    Listing agent Jordan Petito License #02023714

    Listing office Keller Williams Beverly Hills 439 N Canon Dr. Suite 300, Beverly HIlls, CA

    Listing date Jun 2, 2026

    MLS# 26842135 Listing URL

    Copyright © 2026 The MLS/CLAW. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 102‑unit, 100% affordable apartment development site at 1050 & 1056 S Norton Avenue in Los Angeles’ Mid‑Wilshire / Olympic Park submarket
    • Approximately 18,533 SF lot for a proposed 5‑story Type III‑A residential building with about 33,833 SF rentable area
    • Proposed building area is approximately 42,908 SF, with an estimated unit mix of 27 studios, 71 one‑bedrooms, and 4 two‑bedrooms
    • Affordability mix in plans: 21 moderate‑income, 73 low‑income, 6 very‑low‑income, and 1 extremely‑low‑income unit plus 1 manager’s unit
    • ED1 pathway as a 100% affordable housing project under AB 1763 and AB 2345, with unlimited density and zero parking within proximity to a major transit stop
    • Development incentives include an FAR increase from 3:1 to approximately 3.46:1 (proposed FAR shown at approximately 3.44:1) and additional height allowances

    Overview

    This offering is a residential development site located at 1050 & 1056 S Norton Avenue, presented as the land for a proposed 5-story, Type III-A apartment building. The development plan calls for 102 total units and includes a unit mix of 27 studios, 71 one-bedroom units, and 4 two-bedroom units. The affordability breakdown in the materials provided includes moderate-income, low-income, very-low-income, and extremely-low-income units, plus 1 manager’s unit. The entitlement approach referenced is Executive Directive 1 under AB 1763 and AB 2345, and the materials also indicate a zero-parking pathway within proximity to a major transit stop.

    The combined parcel size is approximately 18,533 SF and the site is described as an infill location within the Mid-Wilshire/Olympic Park submarket. The remarks further place the property within the Country Club Park HPOZ and in an established residential neighborhood, with the site positioned near Mid-Wilshire, Koreatown, Hancock Park, and the broader Wilshire corridor. The development incentives referenced include additional height allowances and an FAR increase from 3:1 to approximately 3.46:1.

    For developers seeking to pursue scale, the property is being marketed as land to support a full affordable housing program through the ED1 entitlement pathway and the planning parameters described in the information provided. The proposed design, unit mix, and affordability structure are outlined in the materials, making this a fit for teams evaluating an affordable multi-family development concept within the referenced policy and incentive framework.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Los Angeles
    County
    Los Angeles
    State
    California
    Longitude
    -118.321007
    Latitude
    34.052336

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    FAQs

    What type of property is this?
    Residential land & home lot - Entitled site for a 102-unit, 100% affordable residential project with zero-parking allowance and transit proximity.
    Where is this residential land & home lot located?
    The property is located at 1050 S Norton Ave Los Angeles, CA.
    What is the asking price?
    The asking price for this property is $4,200,000.
    What are key features of this property?
    This property features: 102‑unit, 100% affordable apartment development site at 1050 & 1056 S Norton Avenue in Los Angeles’ Mid‑Wilshire / Olympic Park submarket; Approximately 18,533 SF lot for a proposed 5‑story Type III‑A residential building with about 33,833 SF rentable area; Proposed building area is approximately 42,908 SF, with an estimated unit mix of 27 studios, 71 one‑bedrooms, and 4 two‑bedrooms
    (310) 497-4362
    We can help!
    Listing Contact
    Jordan Petito
    Jordan Petito
    Real Estate License ID: 02023714
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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