940 S Hill St
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940 S Hill St
0.81 Acres of Commercial Land Offered at $17,950,000 in Los Angeles, CA 90015
Investment Highlights
- $511 per land SF! Incredible development opportunity at the corner of Olympic & Hill in the center of Downtown Los Angeles
- High-rise development scenario — Build up to ~445 residential units (assuming 75% efficiency and 800 SF per unit) = $40,337 land cost per unit
- Example model for retail build-to-suit achieves 6.39% YOC and ~30% Levered IRR in 24 months with $200 PSF construction budget
- Bonus FAR of 13.0! New Zoning Code going into effect January 27, 2025 allows for high-rise development with mixed commercial & residential uses
- Commercial redevelopment scenario — Permitted uses with new zoning include: supermarket, hospital, school, civic center, entertainment venue, etc.
- Assemblage Potential — Can be purchased with adjacent lot 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.
Other property details: The existing property has a basement of approximately 8,500 SF, bringing the total RSF to ~33,000. 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. There is an existing elevator (currently non-operable) that runs from the basement to the rooftop parking. 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.
Two proposed development or redevelopment scenarios for the site:
Retail Build-to-Suit — redevelopment for a tenant(s) such as a supermarket/grocery operator. See attached example retail redevelopment model. The modeled scenario achieves a 6.39% trended yield on cost, and a ~30% levered IRR in 24 months with $200 PSF construction budget, realistic projected market rents and lease-up time frame.
High-rise Residential — new zoning allows for up to ~445 units (assuming 75% efficiency and 800 avg SF per unit) resulting in a land cost of only $40,337 per unit. The site is also eligible for TOC Tier 3, and ED-1.
Adjacent lot on the corner of W Olympic Blvd and Broadway is also available for sale and can be assembled with this lot for a larger development or to increase parking supply.
Other property details: The existing property has a basement of approximately 8,500 SF, bringing the total RSF to ~33,000. 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. There is an existing elevator (currently non-operable) that runs from the basement to the rooftop parking. 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.
Two proposed development or redevelopment scenarios for the site:
Retail Build-to-Suit — redevelopment for a tenant(s) such as a supermarket/grocery operator. See attached example retail redevelopment model. The modeled scenario achieves a 6.39% trended yield on cost, and a ~30% levered IRR in 24 months with $200 PSF construction budget, realistic projected market rents and lease-up time frame.
High-rise Residential — new zoning allows for up to ~445 units (assuming 75% efficiency and 800 avg SF per unit) resulting in a land cost of only $40,337 per unit. The site is also eligible for TOC Tier 3, and ED-1.
Adjacent lot on the corner of W Olympic Blvd and Broadway is also available for sale and can be assembled with this lot for a larger development or to increase parking supply.
Property Facts
1 Lot Available
Lot
| Price | $17,950,000 | Lot Size | 0.81 AC |
| Price Per AC | $22,285,291 |
| Price | $17,950,000 |
| Price Per AC | $22,285,291 |
| Lot Size | 0.81 AC |
228' x 154' commercial lot at NEC of W Olympic Blvd and S Hill St
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Walk Score ®
Walker's Paradise (95)
Transit Score ®
Rider's Paradise (100)
Bike Score ®
Very Bikeable (89)
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
zoning
| Zoning Code | [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) |
| [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) |
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940 S Hill St
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