Ready for Housing/Medical Clinic/School/Hospital Conversion Opportunity on Highly Visible Corner Lot Location
$2,100,000
8301 S Figueroa St, Los Angeles, CA 90003
5,002 sqft
Building Size
0.1893 acres
Lot Area
Details:
Highlights:
- Potential Tax Credits - 10 Plus Years Ownership
- Highly visible Corner Lot location
- Remodeled 2025 and Ready for Potential Conversion, potentially 'As Is'
- Several Potential Uses, including Permanent Housing, Clinic, Medical or Dental, School, Hospital
- Seller Motivation - Vacant Building
Description:
The Story:
Initially, the New Bay Motel, the City of Los Angeles forced the Seller to close as a Motel in late 2024. All signage was removed. A nonprofit leased the hotel and made conversions to accommodate its desire for permanent residency. Several upgrades were made to the interior and electrical system. Unfortunately, the nonprofit, after paying over $200,000 in lease payments and upgrading the property for its intended use, lost its funding and was forced to vacate the property. Now vacant, the Property is now exclusively listed for sale.
Changes and Current to Interiors
Per ZIMAS in 2023, the New Bay Hotel consisted of 21 rooms and 21 bathrooms. The tenant converted the property to what it now is – 7 large rooms with 1 dedicated community bathroom/shower area on the ground floor comprised of 6 individual shower areas. 6 sinks and 6 toilet stalls (please see photos). Much was spent by the tenant to convert the property with the promise that at the end of the lease, the Property would be reverted back to its original 21 rooms. The tenant has declared bankruptcy and is not able to do as promised.
Each room was remodeled with wood vinyl floors and attractive paint. None of the 7 individual rooms has a restroom
Protection of Investment:
To protect the property, the Seller has installed exterior perimeter gates and has hired a security guard during the evenings.
The Property is located in the Vermont Knolls area of South Los Angeles. The neighborhood is bounded by Florence Avenue on the north, the 110 Freeway on the east, Manchester Boulevard or the Los Angeles city limits on the south, and Normandie Avenue on the west. Located just to the north of Manchester Boulevard, the property offers easy access to the nearby 110 Freeway.
Offering excellent Street exposure on Figueroa, the property is well-positioned for conversion to a higher and better use.
Documents:
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Location
