Multi-Family
5101-5125 W Pico Blvd
5101 W Pico Blvd, Los Angeles, CA 90019
Listing Price: Request For Offer
Investment Overview
Marcus & Millichap is pleased to present 5101-5125 W Pico Blvd. Spanning the entire block between S Redondo Blvd and Meadowbrook Ave, this is a 31,960 square foot development opportunity between Venice Blvd and S San Vincente Blvd in a prime Mid-Wilshire location. This development lot is zoned C4-1-O in a Tier 2 TOC. There are approved plans to build a 7-story, 107,754 SF building made up of 136 units and 12 ADU’s. The plans call for 51 studios (393-590 SF), 75 one-bedrooms (394-628 SF), five two-bedrooms (835-1,097 SF), five three-bedrooms (1,057-1,099 SF) and 12 live-work units (544-1,449 SF with two and a half levels of parking.
The site has alley access from S Redondo Blvd and Meadowbrook Ave, providing extra buildable square footage and options for parking ingress and egress. The current building consists of 10 retail units on month-to-month gross leases with a total income of $381,753 annually, allowing the developer the ability to collect income while obtaining permits. Mid-Wilshire is a neighborhood in the central region of Los Angeles, California known for the Los Angeles County Museum of Art, the Petersen Automotive Museum, and the Miracle Mile shopping district. The subject property boasts a high walk score of 92, a "walker's paradise" in a central LA location with convenient access to local restaurants, shopping, employment, transportation, and nightlife.
The neighboring block on South La Brea Ave hosts a brand new Target and Sprouts development, one mile east is the Midtown Crossing Shopping Center, and one mile north is the iconic Miracle Mile shopping district, providing residents a convenient destination shopping experience.
5101-5125 W Pico Blvd
Investment Highlights
- 5101-5125 W Pico Blvd is a 31,960 square foot development opportunity situated between Venice Blvd and S San Vincente Blvd in a prime Mid-Wilshire Location
- Rare opportunity to acquire an institutional-sized urban infill project of this scale, efficiently designed and spanning an entire city block
- The current building consists of 10 retail units on month-to-month gross leases with a total income of $381,753 annually, allowing the developer the ability to collect income while obtaining permits.
- There are approved plans to build a 7-story, 107,754 SF building made up of 136 units and 12 ADU's; the plans call for 51 studios (393-590 SF), 75 one-bedrooms (394-628 SF), five two-bedrooms (835-1,097 SF), five three-bedrooms (1,057-1,099 SF) and 12 livework units (544-1,449 SF) with two and a half levels of parking
- Although the preliminary plans are for a market-rate project, there is also potential for a 100% affordable housing project through ED-1; ownership has a feasibility study for 206 affordable housing units. (contact agent for additional details)
Exclusively Listed By
Financing By
Listing Price: Request For Offer
Investment Highlights
- 5101-5125 W Pico Blvd is a 31,960 square foot development opportunity situated between Venice Blvd and S San Vincente Blvd in a prime Mid-Wilshire Location
- Rare opportunity to acquire an institutional-sized urban infill project of this scale, efficiently designed and spanning an entire city block
- The current building consists of 10 retail units on month-to-month gross leases with a total income of $381,753 annually, allowing the developer the ability to collect income while obtaining permits.
- There are approved plans to build a 7-story, 107,754 SF building made up of 136 units and 12 ADU's; the plans call for 51 studios (393-590 SF), 75 one-bedrooms (394-628 SF), five two-bedrooms (835-1,097 SF), five three-bedrooms (1,057-1,099 SF) and 12 livework units (544-1,449 SF) with two and a half levels of parking
- Although the preliminary plans are for a market-rate project, there is also potential for a 100% affordable housing project through ED-1; ownership has a feasibility study for 206 affordable housing units. (contact agent for additional details)
Investment Overview
Marcus & Millichap is pleased to present 5101-5125 W Pico Blvd. Spanning the entire block between S Redondo Blvd and Meadowbrook Ave, this is a 31,960 square foot development opportunity between Venice Blvd and S San Vincente Blvd in a prime Mid-Wilshire location. This development lot is zoned C4-1-O in a Tier 2 TOC. There are approved plans to build a 7-story, 107,754 SF building made up of 136 units and 12 ADU’s. The plans call for 51 studios (393-590 SF), 75 one-bedrooms (394-628 SF), five two-bedrooms (835-1,097 SF), five three-bedrooms (1,057-1,099 SF) and 12 live-work units (544-1,449 SF with two and a half levels of parking. The site has alley access from S Redondo Blvd and Meadowbrook Ave, providing extra buildable square footage and options for parking ingress and egress. The current building consists of 10 retail units on month-to-month gross leases with a total income of $381,753 annually, allowing the developer the ability to collect income while obtaining permits. Mid-Wilshire is a neighborhood in the central region of Los Angeles, California known for the Los Angeles County Museum of Art, the Petersen Automotive Museum, and the Miracle Mile shopping district. The subject property boasts a high walk score of 92, a "walker's paradise" in a central LA location with convenient access to local restaurants, shopping, employment, transportation, and nightlife. The neighboring block on South La Brea Ave hosts a brand new Target and Sprouts development, one mile east is the Midtown Crossing Shopping Center, and one mile north is the iconic Miracle Mile shopping district, providing residents a convenient destination shopping experience.
Exclusively Listed By
Financing By
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