249 S Avenue 54 Los Angeles, CA 90042

Listing Agency Citivest Realty Services, Inc M***@streetlamppartners.com Show Phone

Listed by Martin Fish · License #01988997 Show Phone

Source Exitrealty

Added: Sep 10, 2025 Checked: Jul 17 at 4:52 am

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Investment Insights

Based on property information with market context.

This is a 12-unit ready-to-issue (RTI) redevelopment project with alley access. The existing property includes three separate bungalow homes, all delivered fully vacant, with no relocation required. Approved plans call for four new construction duplex structures and two detached ADUs.

The project is located at 249 S Avenue 54 in the Highland Park community of Los Angeles. The site has alley access and is described as minutes from Downtown Los Angeles, positioned between Griffith Observatory and the 110 Parkway.

Subject to obtaining a Certificate of Occupancy, the new owner can capture six additional ADUs by right, and recent code updates would allow up to 8 ADUs, for a total unit count of 16. The proposed development is approximately 24,210 square feet on a 17,882 square foot lot and is designed to include a full sprinkler system and full compliance with the latest seismic and building codes. Unit mix in the approved plan includes eight 5B/5B units and eight 2B/2B ADUs. The remarks also cite an estimated annual NOI of approximately $768,903. Listing is offered for sale as an RTI project with permits in place and a fully vacant delivery.

Key Highlights

• 12‑unit RTI (Ready‑to‑Issue) ADU redevelopment with alley access at 249 S Avenue 54, Los Angeles
• Approved plans for four new construction duplex structures and two detached ADUs; CofO allows six additional ADUs by right
• Unit count increase path: approved project plus by‑right ADUs, with code updates allowing up to 8 ADUs total (16 units total)

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FAQs

What type of property is this?

Apartment building - Ready-to-issue permitting for an ADU-rich redevelopment with alley-access bungalows and future duplex and detached units.

Where is this apartment building located?

The property is located at 249 S Avenue 54 Los Angeles, CA.

What is the asking price?

The asking price for this property is $2,450,000.

What are key features of this property?

This property features: 12‑unit RTI (Ready‑to‑Issue) ADU redevelopment with alley access at 249 S Avenue 54, Los Angeles; Approved plans for four new construction duplex structures and two detached ADUs; CofO allows six additional ADUs by right; Unit count increase path: approved project plus by‑right ADUs, with code updates allowing up to 8 ADUs total (16 units total)