5
See all 5 photos
$6,500,000
Est. payment /mo
0.92 Acres Lot
New
1216 Menlo Ave Los Angeles, CA 90006
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UPDATED:
02/27/2025 07:01 AM
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
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Special Listing Condition Standard
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Listed by Marcus & Millichap