ParkingCovered, Driveway Down Slope From Street, Community Structure
Year Built2025
MLS #23322233
Lot Size0.46 Acres
StatusActive
About 500 S Union Ave
We are proud to present a rare opportunity for a developer to acquire an 85-unit, seven-story development project situated in the vibrant Westlake district, just minutes away from Downtown Los Angeles. This remarkable offering encompasses three assembled lots, totaling 19,921 square feet of prime land. The proposed development spans an impressive 64,759 square feet and comprises seventy-nine (79) one-bedroom, one-bath units, as well as six (6) two-bedroom, two-bath units. Notably, the project incorporates forty-three (43) conveniently located parking spaces within the first two stories of the building, eliminating the need for subterranean parking. Seventy-three (73) of the proposed units will be MARKET rate while there are eight (8) very low income and four (4) extremely low income affordable units. It's worth mentioning that the sellers have dedicated over 3 years to navigate the city approval process, and the plans are now at the advanced stage of being approximately 90% Ready to Issue (RTI) status. Furthermore, the seller has initiated an Ellis Act for the ten remaining tenants in the existing buildings, with a scheduled move-out date set for July 2024.The Westlake neighborhood, nestled in Central Los Angeles, offers a unique blend of residential and commercial living. Bordered by Silver Lake to the north, Echo Park to the northeast, Downtown to the southeast, and Pico-Union to the southwest, with Koreatown to the west, Westlake has a rich history. While it primarily developed in the 1920s, the area has seen a transformation, with many of its historic mansions now converted into apartments. Additionally, new multifamily buildings have been erected in response to the high demand for housing in this dynamic and ever-evolving part of the city.
Property Details
Property Features
Property Information:
Year Built: 2025
Stories: 7
Living Area: 64,759 SqFt
Listing Office:
Office Name: Realty Investment Advisors, Inc.
Office Phone: (424) 377-6001
Listing Agent: Benjamin J. Hsiang
Interior Features
Interior Information:
Appliances: Dishwasher, Disposal, Refrigerator
Bedroom and Bathroom Information:
Total Bedroom Count: 91
Exterior Features
Parking Information:
Parking: Covered, Driveway Down Slope From Street, Community Structure
Lot Features
Lot Information:
Lot Size: 0.46 Acres
School Info
Assigned Schools Information:
Belmont Senior High School, Public District Grades 9-12
Contreras Learning Center-Los Angeles School of Global St, Public District Grades 9-12
Contreras Learning Center-School of Social Justice, Public District Grades 9-12
John H. Liechty Middle School, Public District Grades 6-8
Studio, Public District Grades 6-8
Union Avenue Elementary School, Public District Grades KG-5
Melrose Avenue Elementary School, Public Magnet Grades KG-6
Academy For Enriched Sciences, Public Magnet Grades 1-5
Other
Directions Information:
Directions: South of 101 FWY, West of 110 FWY
Price Information
Listing Price Info
Price Summary:
List Price: $5,495,000
Price Per SqFt: $85/SqFt
Tax Information:
Annual Amount: $15,702
Tax Year: 2021
What can I afford?
Understand what home price range makes sense for your budget.
Housing Market Comparison
See how this home compares to others in Los Angeles, CA.
This property is $4.5M more than the Median Sold Price and $543/SqFt less than other homes in Los Angeles, CA.
Based on homes sold in the last 12 months
MLS Details
MLS Information:
MLS Name: CRMLS
MLS Number: #23322233
Listing Office:
Office Name: Realty Investment Advisors, Inc.
Office Phone: (424) 377-6001
Listing Agent: Benjamin J. Hsiang
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
The information being provided by California Regional Multiple Listing Service, Inc. (“CRMLS”) is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Any information relating to a property referenced on this web site comes from CRMLS. Properties may or may not be listed by the office/agent presenting the information. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the names of the listing brokers and listing agents. MLS search engine provided by IHR Technology Services. This data is updated every 2 hours. Some properties appearing for sale on this display may subsequently have sold and may no longer be available. Data displayed may be a portion of, and not a complete set of all listings published in the MLS. Last updated on: 4/28/2024, 2:25:18 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Property Sales & Tax
Listing History
DATE
EVENT
PRICE
Mar 29, 2018
Mar 29, 2018Home Sold
$1,180,000
Nov 21, 2008
Nov 21, 2008Home Sold
$550,000
Tax History
YEAR
PROP. TAX
ASSESSMENT
2021
$15,702
$1,240,390
2020
$15,252
$1,227,672
2019
$8,451
$1,203,600
2018
$8,242
$622,467
2017
$8,242
$610,263
History based on county public records data.
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
Elementary School
4
/10
Union Avenue Elementary School
150 S Burlington Ave
Distance between this listing and this school0.30 miles
Public District Grades KG-5
8
/10
Melrose Avenue Elementary School
731 N Detroit St
Distance between this listing and this school4.74 miles
Public Magnet Grades KG-6
9
/10
Academy For Enriched Sciences
6170 Lockhurst Dr
Distance between this listing and this school23.28 miles
Public Magnet Grades 1-5
Middle School
2
/10
John H. Liechty Middle School
650 S Union Ave
Distance between this listing and this school0.26 miles
Public District Grades 6-8
4
/10
Studio
2211 W Avenue 30
Distance between this listing and this school3.69 miles
Public District Grades 6-8
High School
2
/10
Belmont Senior High School
1575 W 2nd St
Distance between this listing and this school0.30 miles
Public District Grades 9-12
1
/10
Contreras Learning Center-Los Angeles School of Global St
322 Lucas Ave
Distance between this listing and this school0.46 miles
Public District Grades 9-12
2
/10
Contreras Learning Center-School of Social Justice
322 Lucas Ave
Distance between this listing and this school0.46 miles
Public District Grades 9-12
Assigned Schools
4
/10
Union Avenue Elementary School
150 S Burlington Ave
Distance between this listing and this school0.30 miles
Public District Grades KG-5
8
/10
Melrose Avenue Elementary School
731 N Detroit St
Distance between this listing and this school4.74 miles
Public Magnet Grades KG-6
9
/10
Academy For Enriched Sciences
6170 Lockhurst Dr
Distance between this listing and this school23.28 miles
Public Magnet Grades 1-5
Assigned Schools
2
/10
John H. Liechty Middle School
650 S Union Ave
Distance between this listing and this school0.26 miles
Public District Grades 6-8
4
/10
Studio
2211 W Avenue 30
Distance between this listing and this school3.69 miles
Public District Grades 6-8
Nearby Schools
6
/10
Camino Nuevo Charter Academy
635 S Burlington Ave
Distance between this listing and this school0.21 miles
Public Charter Grades KG-8
Assigned Schools
2
/10
Belmont Senior High School
1575 W 2nd St
Distance between this listing and this school0.30 miles
Public District Grades 9-12
1
/10
Contreras Learning Center-Los Angeles School of Global St
322 Lucas Ave
Distance between this listing and this school0.46 miles
Public District Grades 9-12
2
/10
Contreras Learning Center-School of Social Justice
322 Lucas Ave
Distance between this listing and this school0.46 miles
The neighbors living near this home have an average income of $21,339. Residents of Los Angeles, CA typically earn less than $35k each year. The most common type of family is single, no kids. The majority of residents in this area have high school diploma education.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 500 S Union Ave
What is the listing price of this property?
The listing price of 500 S Union Ave property is $5,495,000.
What type of property is this?
The property 500 S Union Ave is a house located in Los Angeles, California, 90017.
Is this property for sale now?
Active Listing: 500 S Union Ave is For Sale (Active/New) which means the seller is accepting offers.
What are the assigned schools for this property?
The assigned schools for 500 S Union Ave are: Union Avenue Elementary School: GreatSchools Rating 4/10Melrose Avenue Elementary School: GreatSchools Rating 8/10Academy For Enriched Sciences: GreatSchools Rating 9/10John H. Liechty Middle School: GreatSchools Rating 2/10Studio: GreatSchools Rating 4/10Belmont Senior High School: GreatSchools Rating 2/10Contreras Learning Center-Los Angeles School of Global St: GreatSchools Rating 1/10Contreras Learning Center-School of Social Justice: GreatSchools Rating 2/10
What is the annual property tax for this property?
According to the records, the last property tax for 2021 is $15,702 (source: MLS/based on county public records data).
When was this property sold last time and for how much?
The last sale was on March 29, 2018 for $1,180,000. (source: MLS/tax record).
How many bedrooms and bathrooms does this property have?
The property at 500 S Union Ave has 91 bedrooms and 91 bathrooms.
What is the square footage of this property?
The property 500 S Union Ave is 64,759 SqFt (source: MLS/tax record).
Which year was this property built?
The year of construction for 500 S Union Ave is 2025.
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This home is located at 500 S Union Ave in Los Angeles, CA and zip code 90017 in the Central LA neighborhood. This 64,759 square foot home, which was built in 2025, sits on a 0.46 acre lot. Features: 91 bedrooms, 91 bathrooms. It has been listed on Rocket Homes since October 17, 2023 and is currently priced at $5,495,000.
Over 628 listings were sold over their listed price in March 2024 in Los Angeles, CA. In the same period over 579 listings were sold below the listed price and 196 listings were sold for the listed price. The number of homes for sale in Los Angeles, CA increased by 10.8% between February 2024 and March 2024. While the average time on the market in March 2024 was 34 days, the median list price was $975,970.
From Rocket Homes Real Estate and based on county public records data.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. 
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