1204-1206 W Florence Ave

Marcus and Millichap is pleased to present a 9,593 square foot redevelopment site located at 1204-1206 West Florence Avenue in Los Angeles, California. The subject property is situated in a solid South Los Angeles location, south of West Florence Avenue and east of South Normandie Avenue.

South LA is a large region of Los Angeles made up of the neighborhoods south of Downtown L.A. This area is multi-culturally and economically diverse and offers residents a dense suburban feel in a historic market of Los Angeles. Residents can take advantage of the area’s many food and entertainment spaces within walking distance of the subject properties. The more noteworthy news for the area is the great revitalization plan for South L.A. For the first time in decades, major development projects are underway in South L.A. Most prominently, an incredible state of the art NFL stadium just opened in Inglewood and it will be surrounded by a planned community made up of thousands of new homes. But the development wave doesn’t stop there. New restaurants, grocery stores, and shops are in the pipeline for neighborhoods from West Adams to Watts. The county and Metro are teaming up to find a developer to build 492 residential units, a grocery store, theater, and locally owned restaurants located at 3606 West Exposition Boulevard. The Lucas Museum of Narrative Art, South L.A. Wetlands Park, Hollywood Park, Clipper’s Arena, and Magic Johnson Park are some more examples of developments currently underway.

This offering is positioned on two (2) concurrent parcels totaling 9,593 square feet (SF) of land with a zoning ordinance of LAC2-1-CPIO where the CPIO suffix is a Community Plan Implementation Overlay. This allows for twenty-three (23) units by-right and a FAR of 1.5:1 by-right. Additionally, this offering is granted Tier 2 TOC bonus incentives which allows for a 60% density bonus and numerous other incentives. The redevelopment site will be delivered with RTI plans for twenty-seven (27) units with a unit mix of eleven (11) one-bedroom / one-bathroom units and sixteen (16) two-bedroom / one-bathroom units. Per the CPIO guidelines, the development must qualify as either a CPIO affordable project or a TOC affordable project with at least 15% very low-income units (buyer to verify), so three (3) of the one-bedroom units are set aside for very low-income. The building was designed by a leading architectural firm - Kap Studios and has been valued engineered at the forefront with stacked units and parking on grade to reduce construction time and cost. The six-story structure will boast 38,769 SF towering at a height of seventy-six (76) feet and an FAR of 2.18:1. There is an opportunity to implement AB 2097 and remove parking all together effective January 1st, 2023.

Positioned in a solid South Los Angeles location, this offering presents an excellent opportunity for an astute developer to acquire a 9,593 square foot double-lot with RTI plans for twenty-seven (27) units at an attractive price point.