The Neema Group of Marcus and Millichap is pleased to present 5062 Washington Blvd a 8,449 square foot development or investment opportunity located on W Washington Blvd in a prime Mid-City Location situated just off the I-10. The property currently zoned C2-1VL-CPIO and consists of a 11 unit hotel. This development lot is in a Tier 2 TOC and presents an investor the opportunity to build up to 33 units utilizing the TOC benefits; there are currently no plans or entitlements in place.
The site has alley access from S Redondo Blvd and S Orange Dr providing extra buildable square footage and options for parking ingress and egress. Mid-Wilshire is a prime Central LA location known for the Los Angeles County Museum of Art, the Petersen Automotive Museum, and the Miracle Mile shopping district.
The Mid-City submarket has experienced tremendous growth and revitalization, with several of the neighboring buildings having recently been remodeled. Midtown Crossing, a 330,000-square foot urban retail center that was completed by CIM Group, is within close proximity of the property, providing tenants with excellent new dining, retail, and fitness experiences. Nestled near the 10 Freeway, not far from Lafayette Square, Miracle Mile, Pico-Robertson, and Culver City, the building provides tenants with convenient access to retail and employment centers. This location is ideal for destination shopping with the Midtown Shopping Center, Lowe’s, and Ralphs just over a half mile east; plus the new Sprouts & Target on South La Brea.
The area has seen a flood of trendy restaurants opening within the sub-market. Southern favorite, Gus’s World Famous Fried Chicken has opened their first Los Angeles location on the corner of Pico and Crenshaw. Additionally, the legendary restaurant chain, Roscoe’s Chicken and Waffles is opening a new location on La Brea Avenue. Mid-City is undergoing plenty of changes with new development emerging rapidly along with significant gentrification.