Executive Summary

The Neema Group is proud to present a rare development opportunity at 1216 Menlo Avenue, located in the rapidly growing Pico-Union neighborhood of Los Angeles—just south of Koreatown and strategically positioned between W. Pico Blvd and W. Olympic Blvd.

This 39,995 SF lot is zoned R4-1VL and falls within a Tier 4 TOC & TOIA Tier 2, offering exceptional development potential. The site is currently vacant, partially demoed, and free of any historical designations—providing a clean slate for streamlined development. It is also located within a Qualified Opportunity Zone, creating the potential for significant long-term tax benefits.

With no legacy structures or restrictions, the site is well suited for a range of development scenarios—including a market-rate or mixed-income project under the City’s CHIP (Community Housing Incentive Program) framework. Under CHIP Tier 2, developers may be able to build up to ~200 units with only 10–15% of the units set aside as deed-restricted affordable, unlocking density without a fully affordable capital stack.

Key Development Highlights:

• AB 2334 (Unlimited Density for Affordable Housing): Yes
• AB 2097 (Parking Reductions Near Transit): Yes
• TOIA (Transit Oriented Incentive Area): Tier 2 — Additional Development Incentives
• Occupancy: Delivered vacant and partially demoed, with no historical designations

Offered unentitled at $163 per square foot, 1216 Menlo Avenue represents a compelling opportunity to execute a high-density, mixed-income development in a proven infill location with strong rental fundamentals. Steps from Downtown LA, USC, and Koreatown.