659 Soto StLos Angeles, CA 90023

This exceptional 4,404 square foot lot in Los Angeles, CA, presents a remarkable development opportunity. Located at 659-661 1/2 S Soto Street, 90023, this property boasts a prime location near the new 6th Street Bridge and the P.A.R.C. project, offering stunning downtown views. Currently zoned C1, the property has Ready-to-Issue (RTI) approved permits for a four-unit multifamily development, completely free from rent control and SB 8 restrictions (no low-income requirements). However, the recently adopted Boyle Heights Community Plan significantly enhances the property's potential. This rezoning allows for a mixed-use development with no building height restrictions and the possibility of up to 11 market-rate residential units as-of-right, or up to 20 units with a density bonus. The increased buildable square footage, now potentially reaching 13,203.6 square feet with the maximum bonus, unlocks substantial value. This "shovel-ready" site offers investors a unique chance to capitalize on the revitalization of Boyle Heights and the burgeoning demand for housing in the area. The APN is 5183-025-037. The asking price for this exceptional opportunity is $850,000.