40 Unit Development Site | Prime Koreatown

Highlights:

• Prime Koreatown Location
• Vacant & Demolished
• Desirable C2 Lot
• Multiple Development Pathway
• Near Vermont Metro Station

Description:

The LAAA Team and The Liberow Group of Marcus & Millichap are pleased to present 311 S Berendo Street, an unentitled raw land development site strategically positioned in the heart of Koreatown, one of Los Angeles’ most vibrant, transit oriented, and consistently high demand rental markets. Surrounded by dense residential neighborhoods, walkable retail corridors, and extensive Metro connectivity, this 7,153 SF C2-zoned parcel offers developers a rare combination of prime urban location and exceptional land-use flexibility.

Highly sought after for its development friendly commercial zoning, C2 accommodates a broad range of residential and mixed-use concepts. This zoning classification allows developers to explore multiple execution strategies, from MIIP-driven multifamily and mixed-income housing to for-sale product or efficient low-rise configurations.

Property

Under MIIP and TOIA eligibility, the site can unlock generous density, height, and FAR bonuses, enabling a highly efficient design that maximizes buildable area, reduces soft cost exposure, and leverages zero-parking provisions to further enhance project feasibility. These incentives allow developers to pursue a range of building types with minimal entitlement friction and a meaningfully accelerated path from acquisition to construction.

Importantly, the property is fully vacant and already demolished, which eliminates two of the most common development hurdles in Koreatown: no SB 8 low-income replacement requirements and no demolition or clearance costs. With no tenant relocation, no RSO constraints, and full architectural flexibility, the site stands out as one of the submarket’s most compelling remaining infill opportunities for developers.

In addition to a mixed-income MIIP project, the parcel also accommodates a variety of alternative development strategies, including for sale housing concepts such as small lot subdivisions or stacked flat configurations, and low-rise residential formats such as duplex or double duplex plans. This versatility allows builders to tailor the development approach to their preferred exit strategy, capital structure, or risk profile.

Location

Situated in the vibrant core of Koreatown, 311 S Berendo Street benefits from unparalleled connectivity, walkability, and sustained renter demand. Koreatown continues to rank among Los Angeles’ strongest submarkets, driven by its central location between Downtown, Hollywood, and Mid-Wilshire, and its exceptional access to transit, culture, and employment.

Just minutes from the Wilshire/Vermont Metro Station, the site sits within a designated Transit-Oriented Incentive Area (TOIA 2), directly supporting MIIP eligibility. The neighborhood has experienced a wave of new multifamily and mixed-use development, further reinforcing Koreatown as a premier live-work-play environment. With limited supply of entitled land, strong demographic fundamentals, and consistent rent growth, Koreatown remains one of Los Angeles’ most resilient and undersupplied housing markets.

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