5101-5121 W Pico Blvd

Property Details

Price / SqFt: $288

INVESTMENT HIGHLIGHTS:

5101-5121 W Pico Blvd is a 31,960 square foot development opportunity situated between Venice Blvd and S San Vincente Blvd in a prime Mid-Wilshire Location; the property spans the entire block between S Redondo Blvd and Meadowbrook Ave.
This development lot is zoned C4-1-O in a Tier 2 TOC and presents an investor the opportunity to build up to 136 units utilizing the TOC benefits; there are currently no plans or entitlements in place.
The site has alley access from S Redondo Blvd and Meadowbrook Ave, providing extra buildable square footage and options for parking ingress and egress.
The current building consists of 10 retail units on month-to-month gross leases with a total income of $114,000 gross annually, allowing the developer the ability to collect income while conducting the entitlement process.
Mid-Wilshire is a prime Central LA location known for the Los Angeles County Museum of Art, the Petersen Automotive Museum, and the Miracle Mile shopping district.
The subject property boasts a high walk score of 92, a “walker’s paradise” in a central LA location with convenient access to local restaurants, shopping, employment, transportation, and nightlife. The neighboring block on South La Brea Ave hosts a brand-new Target and Sprouts development, one mile east is the Midtown Crossing Shopping Center, and one mile north is the iconic Miracle Mile shopping district, providing residents a convenient destination shopping experience.