516 N Virgil Avenue

Entitled Dev. RTI Permit Opportunity! Rarely found LA R3, TOC (TRANSIT ORIENTED COMMUNITY) TIER 3 LOCATED IN OPPORTUNITY ZONE with a view to HOLLYWOOD SIGN. TOC Planning Approved 20 Unit Building which consists of 16 apartment units and 4 recreation rooms/ADUs. One of the best opportunities to build 20 units with all Architectural Plans ready, 2 of the units to be used for low-income using TOC Tier 3 incentives of the city of Los Angeles. The property will be delivered RTI, and as a condition of the sale, the buyer shall pay the park fee. The project is entitled with the letter of determination from the planning department of the city of Los Angeles, and the demolition permit is issued. Plans are submitted to the department of building and safety and are in the plan check process going through the very last steps of the process for RTI permit. A sale at this stage is arguably superior to RTI because the buyer can make changes if desired. The property is situated in the prime Silver Lake/Echo Park location minutes away from dining and nightlife of Sunset Blvd with HOLLYWOOD SIGN VIEW. Desirable location in Los Angeles with easy access to Hollywood, Downtown LA, Sunset Junction, Echo Park, and the 101 Freeway. Investors, you do not need to wait a very long time to get your permit to build, because the letter of determination is already obtained and plans are submitted to the Department of Building and Safety to obtain RTI status. If you don't want to waste your valuable time, take advantage of this ready-to-shovel opportunity.