20707 Pioneer Blvd - 1.86 Acres | Residential Redevelopment 1.86 Acres of Residential Land in Lakewood, CA 90715

Matthews Real Estate Investment Services, as the exclusive listing agent, is pleased to present a rare and highly sought-after redevelopment opportunity in the heart of Lakewood, CA. This unentitled offering comprises of five contiguous residential parcels on a generous 81,051 SF (1.86 acres) lot, strategically positioned for multifamily or townhome condominium development. Zoned MFR (Multifamily Residential) and designated as medium/high density residential under the City of Lakewood's General Plan, providing exceptional flexibility to meet various market demands.
The city is currently in the process of updating development standards for the MFR zone, with changes anticipated by mid-year. These updates are driven by higher density requirements outlined in the City’s Housing Element, which aims to align with state mandates for increased housing production. Under the proposed updates, the new standards will include minimum and maximum density requirements, which will vary based on whether parcels are developed individually or combined into a single project.
Situated on a corner lot along Pioneer Boulevard, the property spans half of two residential blocks (207th & 208th Streets), nestled between Del Amo Boulevard and Centralia Street. Its prime location benefits from 241 feet of frontage along Pioneer Boulevard, offering significant visibility and accessibility. The thriving residential market in Lakewood, coupled with high demand for housing and a growing population base, makes this opportunity particularly appealing for developers and investors.
This site is uniquely positioned to attract future residents and buyers due to its close proximity to major employment hubs in Long Beach and the surrounding areas. Additionally, the property is within a short driving distance of shopping centers, schools, parks, and public transportation, enhancing its desirability for both renters and buyers. The area’s strong residential growth prospects and accessibility make it an ideal site for an impactful redevelopment project.
New construction townhome condominiums in the area are selling for $850,000 – $950,000, while new construction multifamily apartments are commanding prices of $625,000 – $700,000 per unit, depending on square footage, layout, and unit mix. These strong sales comparables underscore the robust demand and competitive pricing metrics that make this opportunity attractive for developers seeking to maximize returns.
Currently, the majority of single-family homes on the property are rented on month-to-month leases, providing interim rental income for developers during the planning or entitlement process. With zoning that supports a range of potential uses, including affordable housing, townhome condominiums, or multifamily units, this property offers unparalleled flexibility for tailored development strategies.
This unpriced offering allows developers and investors the flexibility to propose terms that align with their unique strategies and market expectations, fostering a mutually beneficial transaction. With its strategic location, favorable zoning, and income potential, this property represents a prime opportunity for those seeking to capitalize on the high-demand housing market in Lakewood.
Broker of Record:
David Harrington
License No. 02168060 (CA)
(866) 889-0550
Matthews Real Estate Investment Services, Inc
2321 Rosecrans Ave.,
Suite 1225, El Segundo, CA 90245