3550 Western Ave, Los Angeles, CA 90018
9,887 SF | 100% Leased | Retail Building | Los Angeles, CA 90018 | $6,750,000 ($683/SF)
For Sale
Active
Asking Price $6,750,000
- Property Type
-
Retail
- Square Feet
- 9,887 SF
- Price / Square Foot
- $683
Listing Contacts
Joe Bolognese
Property Overview
Incredibly rare development site near USC. The primary site for sale includes three (3) contiguous parcels totaling 40,769 SF of land zoned C2-2D-O-CPIO. The corner lot (contiguous with the primary site) is owned by a separate seller and can also be delivered for an asking price of $1,300,000. The corner lot would add an additional 5,857 SF of land, bringing the total size of the assemblage to over one (1) acre.
Saxum West obtained zoning analysis reports from both Brick Work and from an experienced architect/developer team who works with affordable housing developments, in order to accurately estimate the maximum unit count. Both groups provided two reports each, one on the primary site alone, and another on the assemblage that includes the corner lot. The resulting unit counts from each group were quite different, so all four reports have been provided here. The report with the lower unit count for the primary site (not including the corner) came from the architect, who estimated a total of 169 units could be built, which includes 135 affordable units and 34 market-rate units.
This site presents an increasingly rare opportunity to secure an entire block ripe for development within the inevitable path of USC's continual westward expansion. Call broker for more information.
Saxum West obtained zoning analysis reports from both Brick Work and from an experienced architect/developer team who works with affordable housing developments, in order to accurately estimate the maximum unit count. Both groups provided two reports each, one on the primary site alone, and another on the assemblage that includes the corner lot. The resulting unit counts from each group were quite different, so all four reports have been provided here. The report with the lower unit count for the primary site (not including the corner) came from the architect, who estimated a total of 169 units could be built, which includes 135 affordable units and 34 market-rate units.
This site presents an increasingly rare opportunity to secure an entire block ripe for development within the inevitable path of USC's continual westward expansion. Call broker for more information.
Property Details
- Class
- B
- Year Built
- 1998
- Stories
- 1
- Lot Size (sq. ft)
- 40,946 SF
Highlights
- PRICE REDUCED - 10% discount off original list price
- RARE ENTIRE BLOCK - corner parcel can also be delivered for $1.3M, which would complete the block
- OVER AN ACRE - Total land area (including south corner) is 46,626 SF of contiguous, commercially-zoned land ready to be developed
- USC ADJACENT - located only 1 mile directly west of campus and next to a multititude of recent off-campus housing developments
- 194+ UNITS - architect study shows that up to 194 units can be built (incl. corner lot) by-right with the CPIO bonus; and possibly even more with ED-1
- All the Tenants are MTM, and are collectively paying approximately $19,000 per month gross
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