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1216 Menlo Ave 0.92 Acres of Commercial Land in Los Angeles, CA 90006
INVESTMENT HIGHLIGHTS
- The Neema Group is pleased to present a development opportunity at 1216 Menlo Ave in the Pico-Union neighborhood
- The existing improvements compromise of two separate structures, which will be delivered vacant at the close of escrow
- The lot totals 39,995 SF and is zoned R4-1VL in a Tier 4 TOC
- Opportunity to continue one of the ownership’s existing development paths or entitle the site entirely to execute a new strategy
EXECUTIVE SUMMARY
The offering features Ready-To-Issue plans for a 100% affordable TOC project featuring 127 units. The unit mix includes 23 singles, 40 one-bedrooms, 32 two-bedrooms, 32 three-bedrooms along with approximately 5,500 SF of space in a new standalone building for service amenities. Alternatively, the potential for unlimited density is achievable via AB 2345, alongside an expedited entitlement process through Executive Directive 1, should a 100% affordable housing project be pursued. A preliminary feasibility study for 277 units under an ED1 entitlement strategy is available (Contact Agents for Details).
The offering represents a rare opportunity to acquire an institutional quality infill development project in close proximity to major employment hubs in DTLA, in close proximity to the Wilshire / Vermont Metro station and supporting bus lines, providing easy access to Koreatown, Westlake, Mid-City, Hollywood, and Downtown Los Angeles. The location is further buoyed by a high walk score of 91, making it an attractive prospect for developers looking to develop an institutional quality asset in a dynamic and rapidly evolving area, located in a qualified opportunity zone.
PROPERTY FACTS
| Sale Type | Investment | Proposed Use | Multifamily |
| No. Lots | 1 | Total Lot Size | 0.92 AC |
| Property Type | Land | No. Stories | 1 |
| Property Subtype | Commercial | Opportunity Zone |
Yes
|
| Zoning | R4-1VL Tier 4 TOC - Restricted Density Multiple Dwelling 1 or 2 Family Dwellings, Apartment Houses, Multiple Dwellings, Home Occupations - Transit Oriented Community | ||
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Multifamily |
| Total Lot Size | 0.92 AC |
| No. Stories | 1 |
| Opportunity Zone |
Yes |
| Zoning | R4-1VL Tier 4 TOC - Restricted Density Multiple Dwelling 1 or 2 Family Dwellings, Apartment Houses, Multiple Dwellings, Home Occupations - Transit Oriented Community |
1 LOT AVAILABLE
Lot
| Lot Size | 0.92 AC |
| Lot Size | 0.92 AC |
DESCRIPTION
The property is a 39,995 SF lot zoned R4-1VL in a Tier 4 TOC (Transit Oriented Communities), located in a qualified Opportunity Zone. This zoning allows for significant development potential, including incentives for increased density and reduced parking requirements. Strategically situated between W Pico Blvd and W Olympic Blvd, the site is close to major employment hubs in Downtown LA, the Wilshire/Vermont Metro station, and multiple bus lines. It boasts a high walk score of 91, making it highly attractive for future residents and developers. Tier 4 TOC and ED1 eligibility provide incentives such as increased height (up to 78’), higher floor area ratio (up to 4.7), reduced open space and yard setbacks, and no residential automobile parking required. These incentives support both affordable and high-density development strategies.
PROPERTY TAXES
| Parcel Number | 5076-019-027 | Improvements Assessment | $2,610,963 CAD |
| Land Assessment | $6,143,446 CAD | Total Assessment | $8,754,409 CAD |
PROPERTY TAXES
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1216 Menlo Ave
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