11
See all 11 photos
$23,895,000
Est. payment /mo
44 Beds
37 Baths
24,967 SqFt
New
500 512 520 Midvale AVE Los Angeles, CA 90024
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Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 24,967 sqft
Price per Sqft $957
MLS Listing ID 25571871
Bedrooms 44
HOA Y/N No
Year Built 1936
Lot Size 0.703 Acres
Property Description
We are pleased to present a once-in-a-generation opportunity to acquire three contiguous apartment buildings totaling 23 units, situated on a massive 30,634 square foot corner lot nearly three-quarters of an acre in the heart of Westwood Village. Located at 500, 512, and520 Midvale Avenue, this irreplaceable assemblage is zoned R4(q) and offers one of the most unique and high-impact student housing or multifamily development opportunities in all of West Los Angeles. The property is ideally suited for a transformative new project that leverages both scale and location to deliver high-demand housing in a severely supply-constrained submarket. Just steps from UCLA, the property benefits from proximity to one of the most prestigious and densely populated public universities in the world, with over 46,000 students and limited on-campus housing availability. The area remains chronically undersupplied, and student housing rents in this submarket are among the highest in the city on a price-per-square-foot basis. This asset is already generating nearly $1,000,000 in annual gross rental income, offering a developer meaningful in-place cashflow while working through entitlements or planning a future redevelopment.Multiple development pathways are available, including density-boosting programs under the City of Los Angeles' evolving housing incentive landscape. These may include the Citywide Housing Incentive Program (CHIP), Transit Oriented Communities(TOC) incentives, and other state-aligned density bonus tools designed to encourage the construction of new housing. Whether reimagined as a best-in-class student housing development or a market-rate or mixed-income multifamily asset, this offering represents a rare opportunity to create a legacy project in one of Los Angeles' most stable, desirable, and high-performing rental markets.
Location
State CA
County Los Angeles
Area C05 - Westwood - Century City
Zoning LAR4
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplace No
Exterior
Parking Features Assigned
Total Parking Spaces 50
Building
Story 2
Entry Level One
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 4363010012
Special Listing Condition Standard
Listed by Jonathan Taksa Remax Commercial and Investment Realty