Property Details


Price / SqFt: $184
Zoning: R4-2 - Tier 3 Located In A Qualified Opportunity Zone
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Executive Summary


DOWNLOAD OFFERING MEMORANDUM

The Neema Group of Marcus and Millicahp is pleased to present 2961 W 8th Street a unique opportunity to acquire an exceptional and highly visible location on the main thoroughfare of 8th Street zoned R4-2-Tier 3 in the heart of Koreatown. The subject property totals ± 5,990 SF gross land area in the prime Koreatown neighborhood on 8th Street between Vermont Ave and S Westmoreland Ave. The owner is currently occupying the property; however, it can be delivered vacant at closing. 

2961 W 8th Street offers an investor a residential redevelopment opportunity in one of the most desirable submarkets in all of Los Angeles.. Over the last decade, the area has seen significant year-over-year population growth due to a revitalization of the neighborhood and its central location, within 3 miles of DTLA, and USC. A high walkscore of 96; this location is a walker’s paradise located in prime Koreatown with a short eight-minute walk to the Wilshire / Vermont Station stop and near newly renovated MacArthur Park. 

  • The subject properties total ± 5,990 SF gross land area in the prime Koreatown neighborhood just east of Vermont Ave on 8th Street between Magnolia Blvd and Camarillo Street 
  • Located within an established Qualified Opportunity Zone for investment, established by the Tax Cuts and Jobs Act, Section 1400Z. The section 1400Z allows any taxpayer to defer paying tax on capital gains from the sale of property if those gains are timely invested in a Qualified Opportunity Fund (QOF) which, in turn, must invest 90 percent of its assets in businesses located or property used in designated 
  • Unique opportunity to acquire an exceptional and highly visible location on the main thoroughfare of 8th Street zoned R4-2-Tier 3 in the heart of Koreatown 
  • 2961 W 8th Street offers an investor residential redevelopment opportunity for a low price per SF of $184 
  • Over the last decade the area has seen significant year-over-year population growth due to a revitalization of the neighborhood and its central location, within 3 miles of DTLA, and USC 
  • The property is currently owner occupied, can be delivered vacant 
  • A high Walkscore of 96; this location is a walker’s paradise located in prime Koreatown so daily errands do not require a car 
  • A short eight-minute walk to the Wilshire / Vermont Station stop and near newly renovated MacArthur Park 

Area Overview

KORATOWNWHERE CREATIVITY MEETS CULTURE, A TRUE URBAN EXPERIENCE.

A True Urban Experience. 2961 W 8th is located just east of S Vermont Ave in prime Koreatown, one of the trendiest neighborhoods in Los Angeles. Boasting its walkable proximity to the Wilshire/Vermont metro station as well as a 8-minute drive to the heart of Downtown Los Angeles, the subject property is provided with great transit options to experience the best the Greater Los Angeles area has to offer. Located in a premier pedestrian location, the asset benefits from easy access to employers, major studios, financial firms, entertainment, and historic attractions. 

Koreatown has seen a tremendous revitalization over the last decade. An influx of capital dedicated to the revitalization of Koreatown has attracted a new resident base of young urban dwellers. This new, hip client base has brought new restaurants, night clubs, and retail opportunities, making Koreatown one of the more desirable submarkets in the greater Los Angeles area. In the past decade, Koreatown has experienced significant gentrification and development, specifically along Wilshire Boulevard. Most notable is the Vermont, a 462-unit luxury apartment with over 30,000 SF of retail and 600 covered parking spaces. Additionally, residents are given convenient access to the Red and Purple Metro lines. The Red line offers service from the North Hollywood Arts district all the way to Union Station in Downtown LA. The purple line is currently undergoing an extension and once completed, will offer service to the current terminus at Wilshire/ Western will extend westward for about nine miles and add seven new stations providing easy access to the Westside.

DOWNLOAD OFFERING MEMORANDUM

 

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