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1216 Menlo Ave
0.92 Acres of Commercial Land in Los Angeles, CA 90006
Investment Highlights
- Close proximity to a variety of dining & retail amenities
- MacArthur Park, designated a City of Los Angeles Cultural Monument, is located just north of the subject property
- 91 Walk Score - Walker's Paradise, 70 Transit Score - Rider's Paradise
- Located in one of the most active locations for construction in Los Angeles
- Adjacent to the Westlake/MacArthur Park Metro Station.
Executive Summary
strategically situated between W Pico Blvd and W Olympic Blvd. The lot totals 39,995 SF and is zoned R4-1VL in a Tier 4 TOC. The existing
improvements compromise of three separate structures, totaling 22,386 SF, which will be delivered vacant at the close of escrow.
The offering features Ready-To-Issue plans for a 100% affordable TOC project, featuring 127 units centered around the existing main school
building, preserving it as a base for supportive housing services or community space. The unit mix includes 23 singles, 40 one-bedrooms,
32 two-bedrooms, 32 three-bedrooms along with 5,586 SF of space in the remaining existing building for service amenities. Alternatively, the potential for unlimited density is achievable via AB 2345, alongside an expedited entitlement process through Executive Directive 1, should a 100% affordable housing project be pursued. A preliminary feasibility study for 277 units under an ED1 entitlement strategy
is available (Contact Agents for Details).
The offering represents a rare opportunity to acquire an institutional quality infill development project in close proximity to major employment hubs in DTLA, in close proximity to the Wilshire / Vermont Metro station and supporting bus lines, providing easy access to Koreatown, Westlake, Mid-City, Hollywood, and Downtown Los Angeles.
The location is further buoyed by a high walk score of 91, making it an attractive prospect for developers looking to develop an institutional quality asset in a dynamic and rapidly evolving area, located in a qualified opportunity zone.
Property Facts
| Sale Type | Investment | Property Subtype | Commercial |
| Sale Conditions | Redevelopment Project | Proposed Use | Multifamily |
| No. Lots | 1 | Total Lot Size | 0.92 AC |
| Property Type | Land | Opportunity Zone |
Yes
|
| Sale Type | Investment |
| Sale Conditions | Redevelopment Project |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Multifamily |
| Total Lot Size | 0.92 AC |
| Opportunity Zone |
Yes |
1 Lot Available
Lot
| Lot Size | 0.92 AC |
| Lot Size | 0.92 AC |
The lot totals 39,995 SF and is zoned R4-1VL in a Tier 4 TOC. The existing improvements compromise of three separate structures, totaling 22,386 SF, which will be delivered vacant at the close of escrow.
Description
The Westlake Collection’s central location near Downtown Los Angeles results in excellent walkability and accessibility for its residents. The properties are within walking distance of stops on the Metro Red and Purple lines, one stop away from the Metro Blue and Expo lines, within a block of stops for five bus lines, and at the heart of the Los Angeles freeway system.
PROPERTY TAXES
| Parcel Number | 5076-019-027 | Improvements Assessment | $2,561,464 CAD |
| Land Assessment | $6,026,975 CAD | Total Assessment | $8,588,439 CAD |
PROPERTY TAXES
zoning
| Zoning Code | R4-1VL Tier 4 TOC (Restricted Density Multiple Dwelling 1 or 2 Family Dwellings, Apartment Houses, Multiple Dwellings, Home Occupations - Transit Oriented Community) |
| R4-1VL Tier 4 TOC (Restricted Density Multiple Dwelling 1 or 2 Family Dwellings, Apartment Houses, Multiple Dwellings, Home Occupations - Transit Oriented Community) |
Presented by
1216 Menlo Ave
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