Off-market development opportunity – Pre-Foreclosure

It’s a construction project with permits issued in October. The property is a 3 unit building (2 units + guest room) located 2411 Ocean Front Walk, Venice Beach.
The property was in escrow the end of last year, but the buyer didn’t perform and it went out of escrow just before Christmas.

The property is currently 4 units. Three of the units have been demo’d to the studs. The 4th unit is vacant
I have the plans, permits and all the interior design done for the property. I have attached a few images.

The permitted plans included an elevator, but the architect created a plan without an elevator to reduce the construction budget and increase the SF in each of the units. The owner hasn’t filed for permit revisions yet so if someone wants to complete the project without the elevator, they can do it.

The property is currently 4 units. Three of the units have been demo’d to the studs. The 4th unit is vacant other than an air mattress I use when I need to crash in LA.

Check dropbox folder at your discretion. It contains the plans, permits and all the interior design done for the property.
https://www.dropbox.com/scl/fo/q7b1t9a0za6fdxo3xdixy/h?dl=0&rlkey=2ifc5mbbbt4dudluya41i4w9h

The folder includes:
Permit drawings
Permit drawings with elevator (as permitted)
Plans without elevator
Appraisals (2019)
Construction Quotes (old)
Exterior design (renderings)
Interior Design (renderings)
Records
Structurals

The permitted plans included an elevator. The architect created a plan without an elevator to reduce the construction budget and increase the SF in each of the units. the owner have not filed the permit revisions yet so if someone wants to complete the project they can remove the elevator with over the counter changes to the permit.

The property was purchased in 2019 for $4,925,000 and, as for the owner, it was in escrow at $5.3MM with buyer paying RE agent fees and seller carrying back $600k for 12 months.
It was organized as $4.95MM purchase price and $350k for plans, permits and development soft costs.
The seller purchased the property in 2019 for $4.95MM and put plenty into it relocating tenants and getting the permits.

Currently, the owner would like to sell for $5,300,000
A notice of default has been recorded on 2/16/2023 for an amount of $243,781

I have have access to the property. Let me know if you have any questions.