1216 Menlo Ave Lot | Terrain commercial | 0,37 ha | À vendre | Los Angeles, CA 90006

The Neema Group is 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 two separate structures, 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. The unit mix includes 23 singles, 40 one-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.