Covered Land Development Opportunity in Mid-City
$10,500,000
5101-5125 West Pico Boulevard, Los Angeles, CA 90019
3.31
Cap Rate
347,724
NOI
Details:
Description:
WESTMAC Commercial Brokerage Company is pleased to present the opportunity to acquire 5101-5125 W Pico Boulevard, an extraordinary development or investment opportunity in Mid-City, on the corner of W Pico and Redondo Boulevard. The property is currently 83% occupied. All tenants are month-to-month.
The subject property is comprised of four parcels totaling 31,959 square feet of land. The offering is zoned LAC4, TOC Tier 2. Entitlements have been approved for a 7-story, 107,754 square foot building. This would allow for 136 units and 12 ADUs. If a developer wanted to build 100% affordable housing, there is the possibility for 206 units through ED 1.
5101-5125 W Pico is centrally located in a bustling neighborhood. It is situated just off the 10 freeway, on the border of Mid-City and Mid-Wilshire. Destinations such as The Los Angeles County Museum of Art, La Brea Tar Pits, The El Rey Theater, and The Academy Museum are just a few minutes away. Additionally, all the amenities of Culver City are less than 10 minutes away.
The subject property has excellent visibility given it’s prime location, block to block, on a signalized corner with a traffic volume of over 25,000. This is a rare opportunity to develop on the busy thoroughfare that is W Pico Boulevard.
Documents:
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Offering Memorandum
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Location
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