CBRE, Inc., as exclusive advisor to the Seller, is pleased to present 5615 W. Pico Blvd. located in the Fairfax/Mid-City submarket of Los Angeles. This site is composed of five parcels totaling approximately 17,095 SF of lot area.
The property is currently home to an office user occupying the existing 4,077 SF building and generous parking area. With some renovation and updating, the existing building may offer some usefulness to an owner-user or tenant.
5615 W. Pico Blvd. is an exceptional redevelopment opportunity, with ideal zoning (LAC4) for housing and situated on Pico Blvd., a major thoroughfare home to numerous trendy dining options like Paper or Plastik Cafe, Rosemary and Thyme, Bloom Cafe, My 2 Cents, CJ’s Cafe and Mad Lab Coffee.
Homes in the immediate area sell consistently in the $2,000,000 range and the rental market is extremely undersupplied--one-bedroom apartments in older buildings lease in the $2500/mo range and three-bedrooms lease well north of $3500. The Fairfax Flats, a recently completed apartment complex on the corner of Pico and Ogden Dr. achieves $5/SF rents with limited amenities.
A multitude of state and local incentives can be put to use to yield a high-density housing project on the subject site. It is ED1 eligible, located within a Los Angeles TOC Tier 2 area and does not require any housing replacement.
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