Description

We are pleased to present a development opportunity in Mid-City at 1153 Bronson Ave, a vacant lot located between W Pico Blvd and W Olympic Blvd. The lot totals 11,817 SF and is zoned R3-1-O-HPOZ in a Tier 3 TOC; there are currently no plans or entitlements in place. Initial feasibility studies indicate 14 units can be built by-right, or additional density can be achieved through various housing incentive programs, estimated up to 58-78 units (Buyer to verify). The subject property is being offered at a low price per square foot of$124. Rare opportunity to acquire a vacant lot at a low basis with no tenant relocation required. 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. Various educational opportunities are located within a half mile of the property including Arlington Heights Elementary, Johnnie L. Cochran Jr Middle School, St Paul's School, City Language Immersion Charter School, and Los Angeles Technology Center. This central LA location is within a mile of I-10 and provides convenient access to most major neighborhoods throughout Los Angeles.