Prime Koreatown Location
Marcus & Millichap is pleased to present 2823 Leeward Ave., Los Angeles CA 90005.
The two-story building is a 6-unit* apartment located just south of Wilshire Blvd and west of Hoover Street in the prime Koreatown market of Los Angeles. The subject property is positioned close to two major metro stations at Westlake/MacArthur Park and Wilshire Vermont and within blocks from Wilshire Boulevard Business Center. This centrally located property is less than 5 miles from Downtown LA and less than 2 miles from the Historic Wiltern Theatre in Los Angeles.
Built in 1922, this apartment contains 7,136 gross SF and is situated on 9,514 SF of land. The apartment features a unit mix of (2) one bed / one bath and (4) two bed / two bath units. All units are fully occupied with month-to-month leases.
Identified as an ideal development area to address chronic shortage of housing in the City of Los Angeles, the Leeward Avenue Project qualifies for high density Transit Oriented Community (TOC) Tier 3 building incentives in a Qualified Opportunity Zone.
The sale includes unapproved schematics for a 39-unit apartment with a total of 99 bedrooms including a co-living space. The proposed plan consists of (4) 2-bed penthouses, (28) 2-bed and (7) 5-bed, co-living units as well as a rooftop open air deck and parking. This is an excellent opportunity to purchase a property that enables a savvy developer to offset their costs with in-place cash flow while the entitlement process is underway. Koreatown is one of LA's hotspots for new residential development, with approximately 3,000 units under construction. Just one building away a six-story condominium featuring 46 residential units is under construction, and a short walk west along Leeward Avenue, an 80-unit condominium complex was recently completed. Three blocks away, a 25-story apartment tower with 644-unit, 1,100-car parking garage and a 15,000 square feet of ground-floor retail space is projected to finish in 2021.
This is a great opportunity for an investor looking for a high-density development site.
*Some units may be non-conforming. Buyer to verify.
Building Size: 7,136 SF
Lot Size: 9,513 SF Zoned LAR4
Number of Units: 6
Parking: 4 Garages
Year Built: 1922
Additional: TOC Tier 3, Opportunity Zone
Very Walkable Score of 95
Transit Score of 81
*New Price Reduction
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