$1,998,000

Exceptional income-producing investment and redevelopment opportunity in Highland Park! Prominently located at the corner of N. Figueroa Street and St. Albans Street, this offering includes two adjoining RD1.5-1 parcels totaling approximately 9,595 sq. ft. The existing two-story building contains approximately 6,478 sq. ft. of assessor-reported improvements and five fully leased units: three residential units and two commercially leased live/work-style spaces. Per seller, annual gross rental income is approximately $142,100. A separate, currently vacant garage-style space is used for warehouse-type storage, adding flexibility for future use, subject to applicable approvals. Ideal for investors seeking an established income stream, buyers looking to hold or improve the existing property, and developers evaluating future construction. Potential strategies include maintaining current rental operations, renovating or repositioning the building, exploring adaptive reuse, developing the adjoining parcel, or pursuing a larger residential project. A preliminary architectural feasibility study examines six detached-style residences, six primary apartments plus two ADUs, and affordable-housing density bonus alternatives. The study illustrates a 16-unit concept (14 primary residences plus two ADUs) and identifies a conditional 17-unit arithmetic scenario (15 primary residences plus two ADUs). Neither scenario is approved or established as the site's maximum; feasibility depends on affordability eligibility, site constraints, and City review. Conceptual plans and renderings are included in the feasibility study, available upon request from the listing agent. A compelling opportunity to collect rental income today while evaluating long-term options in Northeast Los Angeles. Buyer to independently verify leases, income, lawful occupancy and uses, square footage, zoning, and all development potential.