4420 South Broadway - Redevelopment

4420 South Broadway, Los Angeles, CA, USA

For Sale

$3,000,000

Property Description

Marcus and Millichap is pleased to present a 24,710 square foot redevelopment site located at 4420 South Broadway in Los Angeles, California. The subject property is situated in a solid South Los Angeles location, south of East Vernon Avenue and west of South Main Street.

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 one (1) parcel totaling 24,710 square feet (SF) of land with a zoning ordinance of LAC2-2D-CPIO where the D suffix is an alteration of some of the base development standards per the Community Plan Implementation Overlay. This allows for sixty-one units (61) units by-right, a maximum height of 60 feet by-right, and a FAR of 1.5:1 by-right. Additionally, this offering is granted Tier 3 TOC bonus incentives which allows for a 70% density bonus, an increase in maximum height to 82 feet, and an FAR bonus up to 3.75:1. The density bonus allows for the development of forty-five (45) additional units, totaling one hundred six (106) potential buildable units. The building area footprint after setbacks is 20,400 square feet. There is $95,280 in annual gross income which will stay in place while buyer goes through the entitlement process. All of the tenants are on month-to-month commercial leases. 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).

Positioned in a solid South Los Angeles location, this offering presents an excellent opportunity for an astute developer to purchase a large corner lot at a low price per square foot and potentially build over 100 units without any residential units to replace.

Contact Agent

Jason Tuvia

805.212.2735

Unit Mix

106 Potential Buildable Units

Property Type

Land - Redevelopment - Multifamily

Submarket

Price

Size

24,710 SF

Total Units

Year Built

Property Location

4420 South Broadway, Los Angeles, CA, USA

Property Description

Marcus and Millichap is pleased to present a 24,710 square foot redevelopment site located at 4420 South Broadway in Los Angeles, California. The subject property is situated in a solid South Los Angeles location, south of East Vernon Avenue and west of South Main Street.

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 one (1) parcel totaling 24,710 square feet (SF) of land with a zoning ordinance of LAC2-2D-CPIO where the D suffix is an alteration of some of the base development standards per the Community Plan Implementation Overlay. This allows for sixty-one units (61) units by-right, a maximum height of 60 feet by-right, and a FAR of 1.5:1 by-right. Additionally, this offering is granted Tier 3 TOC bonus incentives which allows for a 70% density bonus, an increase in maximum height to 82 feet, and an FAR bonus up to 3.75:1. The density bonus allows for the development of forty-five (45) additional units, totaling one hundred six (106) potential buildable units. The building area footprint after setbacks is 20,400 square feet. There is $95,280 in annual gross income which will stay in place while buyer goes through the entitlement process. All of the tenants are on month-to-month commercial leases. 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).

Positioned in a solid South Los Angeles location, this offering presents an excellent opportunity for an astute developer to purchase a large corner lot at a low price per square foot and potentially build over 100 units without any residential units to replace.

Contact Agent

Jason Tuvia

805.212.2735

(818) 448-4415

CalBRE #01772495

Unit Mix

106 Potential Buildable Units

Property Details

Property Type

Land - Redevelopment - Multifamily

Submarket

South Los Angeles

Price

$3,000,000

Price per Unit

$28,301/Max Buildable Unit

Price per SF

$121.41

Status

For Sale

Size

24,710 SF

Total Units

Year Built

Property Location

4420 South Broadway, Los Angeles, CA, USA