Opportunity Zone/Development Opportunity | 1228-1238 S Normandie Ave
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Opportunity Zone/Development Opportunity 1228-1238 S Normandie Ave
75 Unit Apartment Building $2,800,000 ($37,333/Unit) Los Angeles, CA 90006
INVESTMENT HIGHLIGHTS
- Downtown Los Angeles development opportunity on 0.41± acres in between the Koreatown/Harvard Heights neighborhoods
- Previously slated for a five-story, 75-unit multifamily development, the new owner can continue with existing plans or draft a new vision
- Situated on a heavily traveled area of W. Pico Boulevard & S. Normandie Avenue with many local shopping & dining conveniences
- 1228-1238 S. Normandie Avenue has easy access to the area's major transportation arteries, including Interstates 10 & 110.
EXECUTIVE SUMMARY
Investors and developers have an incredible opportunity to acquire nearly a half-acre in a Downtown Los Angeles neighborhood poised for growth, as the area is currently undergoing rapid development. Located within an Opportunity Zone, this offering presents an assemblage of three contiguous parcels totaling over ±0.41 acres.
Previous ownership proposed a 100% affordable housing development consisting of a five-story, elevator-served building with 75 residential units and 12 parking spaces. Future owners can complete the project under the prior development plans or utilize the site to turn their own vision into a reality.
1228-1238 S. Normandie Avenue sits right off W. Pico Boulevard on the edge of Koreatown and Harvard Heights. Comprising approximately 3 square miles just west of Downtown Los Angeles, Koreatown is a vibrant neighborhood renowned for its cultural institutions, diverse food scene, and historic landmarks. As a cultural hub, it offers a blend of traditional Korean heritage and contemporary influences, hosting numerous events and festivals. The neighborhood boasts a dynamic culinary landscape featuring authentic Korean BBQ, trendy cafes, and a variety of international cuisines. Iconic landmarks like the Wiltern Theatre and the Chapman Market add to its charm, making Koreatown a lively and culturally enriching area to explore and enjoy. Just to the south, the Harvard Heights neighborhood complements the area with its historic architecture and tight-knit community feel, further enhancing the appeal of this dynamic part of Los Angeles.
Call for offers. All final offers must be submitted to Jonathan Cuticelli at jcuticelli@hilcoglobal.com.
View information and the data room on the Hilco website: https://hilcorealestatesales.com/listings/?propertyId=land-redevelopment-losangeles-ca
Previous ownership proposed a 100% affordable housing development consisting of a five-story, elevator-served building with 75 residential units and 12 parking spaces. Future owners can complete the project under the prior development plans or utilize the site to turn their own vision into a reality.
1228-1238 S. Normandie Avenue sits right off W. Pico Boulevard on the edge of Koreatown and Harvard Heights. Comprising approximately 3 square miles just west of Downtown Los Angeles, Koreatown is a vibrant neighborhood renowned for its cultural institutions, diverse food scene, and historic landmarks. As a cultural hub, it offers a blend of traditional Korean heritage and contemporary influences, hosting numerous events and festivals. The neighborhood boasts a dynamic culinary landscape featuring authentic Korean BBQ, trendy cafes, and a variety of international cuisines. Iconic landmarks like the Wiltern Theatre and the Chapman Market add to its charm, making Koreatown a lively and culturally enriching area to explore and enjoy. Just to the south, the Harvard Heights neighborhood complements the area with its historic architecture and tight-knit community feel, further enhancing the appeal of this dynamic part of Los Angeles.
Call for offers. All final offers must be submitted to Jonathan Cuticelli at jcuticelli@hilcoglobal.com.
View information and the data room on the Hilco website: https://hilcorealestatesales.com/listings/?propertyId=land-redevelopment-losangeles-ca
PROPERTY FACTS
| Price | $2,800,000 | Building Class | B |
| Price Per Unit | $37,333 | Lot Size | 0.41 AC |
| Sale Type | Investment | Construction Status | Proposed |
| Sale Condition | Redevelopment Project | Building Size | 38,895 SF |
| No. Units | 75 | No. Stories | 5 |
| Property Type | Multifamily | Parking Ratio | 0.31/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Mid Rise |
| Price | $2,800,000 |
| Price Per Unit | $37,333 |
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| No. Units | 75 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | B |
| Lot Size | 0.41 AC |
| Construction Status | Proposed |
| Building Size | 38,895 SF |
| No. Stories | 5 |
| Parking Ratio | 0.31/1,000 SF |
| Opportunity Zone |
Yes |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 12 | - | - |
| 1+1 | 62 | - | - |
| 3+3 | 1 | - | - |
Walk Score®
Walker's Paradise (91)
Bike Score®
Very Bikeable (70)
PROPERTY TAXES
| Parcel Number | 5078-035-019 | Improvements Assessment | $0 |
| Land Assessment | $1,167,328 | Total Assessment | $1,167,328 |
PROPERTY TAXES
Parcel Number
5078-035-019
Land Assessment
$1,167,328
Improvements Assessment
$0
Total Assessment
$1,167,328
ZONING
| Zoning Code | R4 - 1VL (High-density multiple-family residential district. It's typically used in areas that are close to commercial.) |
| R4 - 1VL (High-density multiple-family residential district. It's typically used in areas that are close to commercial.) |
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Opportunity Zone/Development Opportunity | 1228-1238 S Normandie Ave
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