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Lot/land
  • $6,500,000

    1216 Menlo Ave, Los Angeles, CA 90006

    --beds
    --baths
    0.92Acres
    Unimproved Land
    Built in ----
    0.92 Acres Lot
    $-- Zestimate®
    $--/sqft
    $-- HOA

    What's special

    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.
    166 days
    on Zillow
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    56
    |
    1
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    Zillow last checked: 7 hours ago

    Listing updated: February 26, 2025 at 04:01pm

    Listed by:

    Neema Ahadian DRE # 01346750 213-797-2290,

    Marcus & Millichap 310-909-5500

    Source: CLAW,MLS#: 25503597MLS Logo
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    Facts & features

    Property

    Features
    • Has view: Yes
    • View description: None
    Lot
    • Size: 0.92 Acres
    Details
    • Zoning: LAR4
    • Special conditions: Standard

    Community & HOA

    Location
    • Region: Los Angeles

    Financial & listing details

    • Date on market: 2/26/2025
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