241 N Catalina Street, Los Angeles, California 90004, Los Angeles, 90004 - 3 bed, 2 bath
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Los Angeles, California 90004
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This High-Density Development Asset is listed at $1,350,000, reflecting the significant land-use upside relative to the $1,117,386 Fair Market Value. Marketed for its 7,420 SF R3-1 Zoned Lot, the property offers a massive value-add path and high ROI potential by increasing density to 21 units via TOC Tier 3 incentives. With a Condition Rating of 6, the site is primed for redevelopment into ED1 affordable housing. Located in a Qualified Opportunity Zone near the Metro with a Deck and Patio, this is a strategic acquisition for Real Estate Developers and Institutional Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 241 N Catalina Street Subject | $1,350,000* List Price | 3 | 2 | 1,718 | $650 | - |
A 178 N Mariposa Avenue Active | $1,200,000 List Price | 3 | 2 | 1,608 | $746 | 0.2 mi |
* Subject property listed price vs sold prices of comps.
Property is land value only, full reconstruction required.
Built in 1922 and over 100 years old, the property is marketed exclusively as a development opportunity for high-density housing (up to 21 units). The listing focuses on R3-1 zoning, TOC incentives, and ED1 guidelines, indicating the value is in the land rather than the existing century-old structure.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 7420, living area = 1718.
The R3-1 zoning combined with TOC incentives allows for a significant increase from 9 units by right to potentially 21 units, offering massive upside for developers.
The property is delivered vacant with no RSO or tenant relocation requirements, significantly reducing the complexity, cost, and timeline for redevelopment.
Realizing the maximum unit count or ED1 potential requires navigating complex city approvals and buyer due diligence, which may impact the project's final feasibility.
As the value lies in the land and zoning, the existing 1922 structure represents a liability that will require additional investment for demolition and site clearing.
We are pleased to present for sale an exceptional development opportunity in the heart of Koreatown. Located at 241 N Catalina Street, this R3-1 zoned property offers significant potential for increased density. The 7,417 SF lot (approximately 50' x 148') allows for the development of up to 9 units by right, with the potential to build up to 21 units utilizing TOC incentives (buyer to verify). The property is improved with an existing single-family residence that will be delivered vacant at closing, with no tenant relocation or RSO requirements. Property is currently permitted and licensed for residential care / group living use, offering additional operational or income potential (buyer to verify). Situated within a Qualified Opportunity Zone, the property may offer additional tax advantages for investors (buyer to verify). The site may also be well-suited for a 100% affordable housing development opportunity under ED1 guidelines (buyer to verify). Centrally located just blocks from the Vermont/Beverly Metro station, the site offers excellent access to public transportation, as well as nearby retail, dining, and neighborhood amenities. Seller is open to flexible escrow terms, making this an ideal opportunity for developers seeking time to pursue entitlements.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 4.0 | 43% |
| Baths | 2.0 | 4.0 | 28% |
| Square foot | 1,718 | 2,338 | 20% |
| Lot Size | 7,420 | 7,004 | 63% |
| Price | $1.35M | $1.86M | 28% |
| Price per sq ft | $786 | $957 | 40% |
| Built year | 1922 | 1923 | 50% |
| HOA | $0 | $0 | 50% |
| Days on market | 42 | 148 | 5% |
May 5, 2026
$1,350,000
Initial Listing