Executive Summary

The Neema Group of Marcus & Millichap presents 1216 Menlo Avenue, an 8-unit multifamily investment and redevelopment opportunity in the heart of Los Angeles’ Koreatown submarket. The Property sits on an expansive 39,995 square foot lot zoned R4-1VL within a Tier 4 Transit Oriented Community (TOC) overlay and is located within a Qualified Opportunity Zone, making it one of the more compelling repositioning and development opportunities in the urban core.

The existing improvements consist of eight fully vacant apartment units featuring a mix of six spacious one-bedroom units and two two-bedroom units across approximately 7,530 gross square feet. Due to the size of layouts, an investor may have the opportunity to convert the one-bedroom units into two-bedroom units (Buyer to verify). With 200 feet of street frontage and a lot-to-building ratio that far exceeds the submarket norm, the Property offers developers and investors significant flexibility to renovate, reposition, or pursue ground-up redevelopment at meaningful density.

Delivered fully vacant, 1216 Menlo Avenue allows a buyer to move quickly on a value-add or development strategy without the typical headaches of tenant relocation, phased renovations, or rent stabilization complications. As a possible strategy, the next investor may select to pursue a lot split; allowing for near term value-add returns through renovating the existing 8-unit building, then layer in additional upside through future development of the remaining large, well-located lot (buyer to verify).

Positioned just south of prime Koreatown with direct access to Downtown Los Angeles, Wilshire Center, and multiple Metro lines, the Property benefits from the kind of fundamental demand drivers that have made this one of Southern California’s most active multifamily investment corridors.