88 Unit Mixed-Use Value Add Opportunity 449 S Broadway 84 Unit Apartment Building For Sale Los Angeles, CA 90013

Matthew Luchs of Zacuto Group, alongside Mike Hanassab and Elliot Hassan of Northmarq, are pleased to exclusively present the Metropolitan Building at 449 South Broadway, a ±137,335 square foot mixed-use landmark on a ±19,358 square foot parcel in the heart of Downtown Los Angeles’ Historic Core. Designed in 1913 by John Parkinson, architect of Union Station, City Hall, and the Coliseum, the Metropolitan is regarded as one of Southern California’s finest examples of Beaux-Arts commercial architecture. Once home to the Los Angeles Public Library, the property stands as both a timeless treasure and a compelling value-add opportunity.
The Metropolitan was the first building in Downtown Los Angeles converted to loft residences under the Adaptive Reuse Ordinance, pioneering the movement that reshaped DTLA into a true live-work neighborhood. The multifamily portion spans six floors with 88 units, currently 91 percent occupied, with the ability to expand to 96 units by activating the second floor. Apartments feature high ceilings, historic windows, polished concrete floors, stainless steel appliances, and in-unit laundry hookups. Tenants enjoy a comprehensive amenity package including a roof deck with pool and spa, fitness center, game room, cabanas, BBQ grills, and concierge-style services.
At street level, the property offers ±20,000 square feet of retail fronting Broadway. Entirely vacant today, the space is a blank canvas for a flagship retailer, dining concept, or adaptive reuse. This optionality between retail lease-up and creative repositioning underscores the building’s scale and flexibility.
As a designated Historic-Cultural Monument, the Metropolitan qualifies for Mills Act property tax abatements and both federal and state historic rehabilitation tax credits. It is also located within the City’s Adaptive Reuse Incentive Area, ensuring streamlined approvals for residential expansion or repositioning. With its combination of architectural pedigree, institutional scale, stable cash flow, and multiple value-add strategies, the Metropolitan is a generational investment opportunity in one of Los Angeles’ most dynamic growth corridors.