This 52,738 square foot development opportunity consists of the entire block between Crenshaw Blvd and Victoria Ave in Mid-City. This development lot is zoned C4-1-O; R1-1-O-HPOZ in a Tier 3 TOC and presents an investor the opportunity to build 189 units utilizing the TOC benefits; there are currently no plans or entitlements in place.The subject property is being offered at a low price per square foot of $239. The current site consists of 7 retail units on month-to-month gross leases with a total income of $425,400 gross annually which includes $600 annual billboard income, plus two single-family residences, allowing the developer the ability to collect income while conducting the entitlement process.Mid-city is a densely populated neighborhood with historical and architectural significance. The demand for apartment units continues to increase year-over-year in this submarket with such close proximity to job and educational opportunities in Downtown Los Angeles, as well as the numerous transportation options available for an easy commute throughout the city.The subject property is surrounded by retail shops and restaurants on W Pico Blvd, north on W Olympic Blvd, south on Washington & Venice Blvd, and east on Western Ave.
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