The Neema Group of Marcus & Millichap is pleased to present a 9,381 SF development opportunity at 1132 S Alvarado St that is zoned C2-1-HPOZ in a Tier 2 TOC; the property is located on the main thoroughfare between W 11th St & W Pico Blvd in the center of the Pico Union, Westlake, and Koreatown neighborhoods.
The subject property is a vacant lot with no tenant relocation required, and the ability to build 24 units by-right and up to 39 units by utilizing the TOC benefits. At the asking price, the property is being offered at a low price per SF of $117. The property can be sold with the adjacent 24-unit apartment building (APN: 5136-019-013) that will be delivered 100% vacant.
The property is located one mile from the Crypto.com Arena and Los Angeles Convention Center; high walk score of 94 with retail amenities on W Pico Blvd & S Hoover St; walking distance to numerous Metro rail and bus line stops. A central location with an easy commute to many parts of the city via the 110 and 10 Freeways; the subject property is in the middle of high-growth neighborhoods (Pico Union, Westlake, and Koreatown) where the rental market continues to thrive.
Westlake, located right outside Downtown’s employment hub, is a bustling neighborhood with a young professional demographic. Westlake is adjacent to other no-table neighborhoods, including Echo Park, Pico Union, Downtown and Koreatown. The neighborhood is extremely dense, with endless streets lined with small businesses. MacArthur Park, designated as the City of Los Angeles Cultural Monument #100, is located in Westlake and is adjacent to the Metro’s Westlake/MacArthur Park Station, which affords access to the Red and Purple lines. Those lines provide public transportation toward Downtown, North Hollywood and toward Koreatown, with West Side extensions projected to be completed in 2027.
Westlake is located in Central Los Angeles just to the east of Koreatown and south of the neighborhoods of Silverlake and Echo Park. It is slightly north of Downtown with boundaries defined by some of LA’s oldest and most well-traveled roads — the 101 Hollywood Freeway, the 110 Harbor Freeway, West Olympic, Virgil avenue, Temple Street and Glendale Boulevard