1330 5Th St, Los Angeles, CA 90017
0.71 Acres of Commercial Land Offered at $7,100,000 USD in Los Angeles, CA 90017
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $7,100,000
- Property Type
-
Land
Listing Contacts
John Anthony
Verified Profile
Chris Steck
Verified Profile
Janet Neman
Verified Profile
Angelica Gotzev
Verified Profile
- Property Info
Property Overview
Situated at 1111-1125 W 6th Street and 1330 W 5th Street, the project is approved for two seven-story buildings made up of 100% market rate, Class-A apartments. The 1.92-acre site currently houses two vacant medical office buildings that are soon to be demolished. The South Building with 227 units is ready-to-issue (RTI), while the North Building with 142 units is entitled and nearing RTI. In total, the development features a combined 348,430 square feet of floor area, including 13,000 square feet of ground-level retail space. The North site (1330 W. 5th Street) is currently an existing 3-level parking garage with 319 spaces. An investor has the opportunity to buy the South RTI site and generate income from the parking garage while obtaining the RTI for the North site.
Property Details
- Property Subtype
- Commercial
Highlights
- Existing buildings are vacant and their demolition is imminent.
- Can be built as two stand-alone development projects.
- 100% market rate development (zero affordable requirements).
- Seller financing & broker co-op fee available.
- North site (1330 W. 5th Street) is nearing RTI and is currently an existing 3-level parking garage with 319 spaces.
- Opportunity to buy the South RTI (1111-1125 W 6th St) site and generate income from the parking garage while obtaining the RTI for the North site.
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