2900 Francis Avenue

Marcus and Millichap is pleased to present a ten (10) unit apartment building located at 2900 Francis Ave in Los Angeles, California. The subject property is in a prime Koreatown location, north of W Olympic Boulevard and east of Vermont Avenue.

The highly desirable area of Koreatown is a rapidly developing submarket with abundant dining and entertainment options. Considered an epicenter of jobs and amenities, residents in this area enjoy convenient access to nearly one million jobs and 138 million square feet of office space. This submarket is also recognized as a premier dining and nightlife hub. With a walk score of 95, Koreatown is walkable and transit-oriented, allowing residents to capitalize on in influx of new development and to utilize the Metro Purple and Red Lines when needing to commute. The building sits on a huge 15,670 square foot lot right down the street from trendy Koreatown retail, restaurant, and entertainment amenities. Tenants will love being within walking distance to these amenities, as well as living right across the street from outdoor recreation at the Francis Avenue Community Garden. Continued development surrounds the property, demonstrating the strength of the area. At the end of the block, a 22,579 SF shopping center named Zion Market was just completed on the same block as the Francis apartments at 864 S Vermont Avenue. Also slated to finish construction soon just a few blocks south, 888 S Vermont will contain 211-unit apartments in a six-story building.

Built in 1922, this property contains a streamlined unit mix of ten (10) oversized one-bedroom / one-bathroom units. As the units are exceptionally large, there is a very good value-add option for a buyer to potentially convert the units into 2- and 3-bedrooms. The property features incredible landscaping with twelve (12) on-site parking spaces and an elegant curb appeal on a charming, vintage building that was re-roofed in 2019. The property is gated and secure with a large space in the back for fully parked on-site parking. Another major opportunity with this property is to utilize its favorable R4-1 zoning with tier 3 TOC incentives to build up to sixty-eight (68) units. In addition to the already low minimum parking requirements usually implemented with TOC, the site is also eligible for reduced parking through the newly signed AB 2097 (per public records, Buyer to verify). There is no height restriction or story limit per zoning code, and the FAR is increased from 3:1 by-right to 4.5:1 with TOC incentives.

Situated in a prime Koreatown location, this offering presents an outstanding opportunity for investors to acquire a charming, vintage property featuring spacious units. An investor has various options between building up to sixty-eight (68) units or doing a value-add strategy through increasing the bedroom count in one of Los Angeles’ most vibrant and trendiest markets.