Property Details

Units: 127
Approx. Lot Size: 39,995 SF

Executive Summary

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 three separate structures, totaling 22,386 SF, 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 centered around the existing main school building, preserving it as a base for supportive housing services or community space. The unit mix includes 23 singles, 40 one-bedrooms, 32 two-bedrooms, 32 three-bedrooms along with 5,586 SF of space in the remaining existing 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.

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