Olympic & Hill | 940 S Hill St
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Olympic & Hill 940 S Hill St
24,432 SF Vacant Retail Building Los Angeles, CA 90015 $17,950,000 ($735/SF)
Investment Highlights
- $511 PER LAND SF! Incredible redevelopment opportunity in the center of Downtown Los Angeles
- $40,337 PER UNIT LAND COST — Build up to 445 units (assumes 75% efficiency and an average unit size of 800 SF
- RETAIL REDEVELOPMENT MODEL for build-to-suit achieves 6.39% YOC and ~30% Levered IRR in 24 months with $200 PSF construction budget
- 13.0 BONUS F.A.R.! New Zoning Code going into effect January 27, 2025 allows for high-rise development with mixed commercial & residential uses
- PERMITTED USES with zoning include: high-density residential, supermarket, hospital, school, civic center, entertainment venue, medical office, etc.
- ASSEMBLAGE POTENTIAL — Can be purchased with adjacent lot, the NWC of Olympic & Broadway, for a total land footprint of 55,749 SF
Executive Summary
Saxum West is pleased to present for sale the NEC corner of Olympic & Hill in the center of Downtown LA, which features 35,086 SF of land with an existing 24,432 SF single-story (plus basement) retail structure with rooftop parking. This site has incredible potential, whether as a retail or medical office redevelopment, or as a high-rise residential project akin to the 60-story, 685-unit tower under construction directly across the street. The property will soon be benefiting from an up-zoning with the new Downtown Zoning Code (DTLA 2040) going into effect January 27, 2025, which allows for high-rise development on this site with a bonus FAR of 13.0.
Rooftop parking provides up to 75 spaces (83 spaces total) for a parking ratio of 3.4:1000. The property is eligible for AB 2097, which makes it exempt from the enforcement of parking ratio requirements by use. The existing building has a basement of approximately 8,500 SF, bringing the total RSF to ~33,000. There is an existing elevator (currently non-operable) that runs from the basement to the rooftop parking, along with a conveyor belt that services both floors. Existing power: 4000A (Supply), 1600A (Service), 208Y/120V, 3P 4W. The property is currently rented month-to-month by a parking operator paying $16,000 per month gross, and can be delivered vacant at close of escrow. An adjacent lot on the NWC of W Olympic Blvd and S Broadway is also available for sale and can be assembled with this lot for a larger development or to increase parking supply.
Two proposed development or redevelopment scenarios for the site:
Retail Build-to-Suit — Redevelopment for a single or multi-tenant retail center, such as for a supermarket/grocery operator. Please refer to the example retail model on pages 16 and 17 of the Offering Memorandum. The modeled scenario achieves a 6.39% trended yield on cost, and a ~30% levered IRR in 24 months with a $200 PSF construction budget and realistic lease-up time frame.
High-rise Residential — Build up to 445 units, resulting in a land cost of only $40,337 per unit. This assumes 75% efficiency and an average unit size of 800 SF. The site is also eligible for TOC Tier 3, ED-1, AB 2097 and AB 2334.
Rooftop parking provides up to 75 spaces (83 spaces total) for a parking ratio of 3.4:1000. The property is eligible for AB 2097, which makes it exempt from the enforcement of parking ratio requirements by use. The existing building has a basement of approximately 8,500 SF, bringing the total RSF to ~33,000. There is an existing elevator (currently non-operable) that runs from the basement to the rooftop parking, along with a conveyor belt that services both floors. Existing power: 4000A (Supply), 1600A (Service), 208Y/120V, 3P 4W. The property is currently rented month-to-month by a parking operator paying $16,000 per month gross, and can be delivered vacant at close of escrow. An adjacent lot on the NWC of W Olympic Blvd and S Broadway is also available for sale and can be assembled with this lot for a larger development or to increase parking supply.
Two proposed development or redevelopment scenarios for the site:
Retail Build-to-Suit — Redevelopment for a single or multi-tenant retail center, such as for a supermarket/grocery operator. Please refer to the example retail model on pages 16 and 17 of the Offering Memorandum. The modeled scenario achieves a 6.39% trended yield on cost, and a ~30% levered IRR in 24 months with a $200 PSF construction budget and realistic lease-up time frame.
High-rise Residential — Build up to 445 units, resulting in a land cost of only $40,337 per unit. This assumes 75% efficiency and an average unit size of 800 SF. The site is also eligible for TOC Tier 3, ED-1, AB 2097 and AB 2334.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
Sale Type
Investment or Owner User
Sale Conditions
Property Type
Retail
Property Subtype
Building Size
24,432 SF
Building Class
B
Year Built
1971
Price
$17,950,000
Price Per SF
$735
Percent Leased
Vacant
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.70
Lot Size
0.81 AC
Zoning
[HM2-CHC1-5] [CX2-FA] - New zoning going into effect January 27, 2025. Mixed Commercial 2 - allows for commercial & high-density residential uses with a bonus FAR of 13.0
Parking
83 Spaces (3.4 Spaces per 1,000 SF Leased)
Frontage
Amenities
- Bus Line
- Signalized Intersection
Walk Score®
Walker's Paradise (95)
Transit Score®
Rider's Paradise (100)
Bike Score®
Very Bikeable (89)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 5139-003-017 | Improvements Assessment | $12,617 |
| Land Assessment | $12,233,776 | Total Assessment | $12,246,393 |
PROPERTY TAXES
Parcel Number
5139-003-017
Land Assessment
$12,233,776
Improvements Assessment
$12,617
Total Assessment
$12,246,393
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Olympic & Hill | 940 S Hill St
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