424 S Union Avenue

Marcus and Millichap is pleased to present a 7,011 SF redevelopment site located at 424 S Union Avenue in Los Angeles, California. The subject property is situated in a good Westlake location just outside of Koreatown, north of Wilshire Boulevard and east of S Alvarado Street.

Residents of the Westlake community in California enjoy the relaxed pace of residential neighborhood life with the added benefit of living within 2 miles of downtown Los Angeles. Nestled between the trendy communities of Silver Lake and Echo Park, the diverse Westlake community sits comfortably surrounded by parks, restaurants and museums. Housing options in the Westlake community include single-family homes, townhomes, condos and apartment buildings. One of the most unique aspects of Westlake is that many of the apartment buildings have been constructed from old mansions that lined the neighborhood streets in the 1920s. With everything from parks and shopping to historical Los Angeles mansions and landmarks, the Westlake community has something for everyone.

This offering is positioned on one (1) parcel totaling 7,011 SF of land. The property has favorable LAR4-1 zoning which allows for the development of seventeen (17) units by-right and an FAR of 3:1 with no height limitation or story limitation. In addition to this, the property falls under TOC tier 3, providing a significant amount of development incentives. This site is an ideal affordable (ED1) development). With TOC a developer can build up to thirty-one (31) total potential units with an increased FAR of 4.5:1. Development is surrounding the immediate area with several notable projects proposed and under construction nearby. One of these projects is a seven-story edifice with 94-apartments proposed at 1438 Miramar Street. Right across the street at 425 S Union Ave, a 38-unit apartment building is proposed to replace a fourplex. Tenants will love living in a major transportation hub of Los Angeles, adjacent to some of the trendiest retail, restaurant, and entertainment amenities in Koreatown.

Situated just outside of Koreatown, this offering presents an excellent opportunity for an astute developer to capitalize on favorable zoning by building up to thirty-one (31) units and an ideal affordable (ED1) housing project.