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$ 6,500,000
Est. payment | /mo
0.92 Acres Lot
$ 6,500,000
Est. payment | /mo
0.92 Acres Lot
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 25503597
Lot Size 0.918 Acres
Acres 0.919
Property Description
We are pleased to present a development opportunity at 1216 Menlo Ave in the Pico-Union neighborhood of Los Angeles, 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, 40one-bedrooms, 32 two-bedrooms, 32 three-bedrooms along with approximately 5,500 SF of space in a new standalone 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.
Location
State CA
County Los Angeles
Area Mid-Wilshire
Zoning LAR4
Exterior
View Y/N No
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Special Listing Condition Standard
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Listed by Marcus & Millichap
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Gregory Masi
REALTOR® | Lic# 1708321