284 S Coronado, Los Angeles, California 90057, Los Angeles, 90057 - 5 bed, 2 bath
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Los Angeles, California 90057
This Prime RTI Development Opportunity is listed at $1,295,000, representing a strategic asset in the high-demand Westlake market. While the $1,165,044 Fair Market Value reflects the underlying land value, the list price includes a premium for Ready-To-Issue plans for a 7-unit multifamily development, allowing for immediate construction. The project features a City Lights view and is situated within the Los Angeles Unified district near Hoover Street Elementary. Due to Structure Obsolescence and a Condition Rating of 6, this is a pure value-add play for Multifamily Developers and Real Estate Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 284 S Coronado Subject | $1,295,000* List Price | 5 | 2 | 2,636 | $442 | - |
A 127 S Westlake Avenue Active | $995,000 List Price | 3 | 2 | 2,270 | $438 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Property is land value only, full reconstruction required.
The property is marketed primarily as a 'Prime RTI Development Opportunity' for a 7-unit multifamily project, indicating the highest and best use is demolition of the existing 1900-built structure. The listing lacks interior photos of the current home, providing only architectural renderings of the proposed development, and the property analysis explicitly notes 'structure obsolescence,' confirming the value lies in the land and approved plans.
The property comes with Ready-To-Issue (RTI) plans for a 7-unit multifamily development, allowing investors to bypass lengthy entitlement timelines and move directly into the construction phase.
Situated in the rapidly evolving Westlake neighborhood, the property is minutes from Downtown LA, Silver Lake, and Echo Park, benefiting from strong rental demand and proximity to major employment hubs.
The approved plans feature a desirable mix of four 2-bed/1-bath and three 2-bed/2-bath units, perfectly positioned to attract urban professionals and small families in a competitive rental market.
The existing structure, built in 1900, likely requires significant remediation or demolition to realize the property's highest and best use, adding to the initial capital requirement.
The majority of the immediate neighborhood schools carry lower performance ratings (3/10), which may limit the property's appeal to long-term family tenants and impact future resale demographics.
Prime RTI Development Opportunity in the heart of Los Angeles’ rapidly evolving Westlake neighborhood. The property sits on a 5,593 sq ft lot and comes with RTI (Ready-To-Issue) plans for a 7-unit multifamily development, allowing investors to bypass lengthy entitlement timelines and move directly into construction. Unit mix is the following: 4 units being 2bed/1bath and 3 units being 2bed/2baths. Ideally located just minutes from Downtown LA, Silver Lake, and Echo Park, the property benefits from strong rental demand and proximity to major employment centers. Residents will enjoy easy access to Metro lines at Westlake/MacArthur Park. The area is rich with dining, shopping, and entertainment options, making it highly desirable for tenants. The existing structure offers flexibility for interim use while preparing for development. With approved plans in place, this is a rare chance to secure a centrally located asset with significant upside potential in one of LA’s most active rental markets.
No exterior & parking available.
Grades K • 0.2 mi
Grades K-1 • 0.4 mi
Grades 1-5 • 0.4 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 5.0 | 3.5 | 83% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 2,636 | 1,860 | 67% |
| Lot Size | 5,593 | 5,192.5 | 50% |
| Price | $1.29M | $1.14M | 83% |
| Price per sq ft | $491 | $532 | 50% |
| Built year | 1900 | 1916 | 17% |
| HOA | $0 | $0 | 50% |
| Days on market | 27 | 124 | 17% |
Mar 26, 2026
$1,295,000
Initial Listing
Aug 6, 2024
$750,000
Public Record