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Active
Address not disclosed Los Angeles, CA 90057
0.27 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 26646443
HOA Y/N No
Lot Size 0.271 Acres
Property Description
The subject site at 521-525 S. Carondelet St. is a vacant rectangular 2-lot development site located in the Mid-Wilshire/Lafayette Park area on the eastern edge of Koreatown. Zoning designation is LAR4-1 with a Tier 3 TOC status for increased density, FAR and reduced parking. The immediate area is one of the most investment rich locations in all of Los Angeles with new developments like the 644-unit Kurve on Wilshire (completed by Greystar in 2021) and historic trophy apartments like the Wilshire Royale, the Asbury, the Bryson and The Town House dotting the skyline. The iconic Art Deco Bullocks Wilshire historic-cultural monument is just a few blocks away from 521 S. Carondelet, purchased and repurposed by Southwestern Law School in 1994. CoStar estimates that multifamily vacancy in Koreatown is currently elevated, reflecting the delivery of nearly 3,850 new units over the past 24 months. This recent supply influx has temporarily increased availability; however, the submarket rebounded quickly after the pandemic, with rents climbing consistently since early 2021. Koreatown remains more affordable than surrounding areas such as Hollywood, Hancock Park, and Silver Lake and benefits from Mid-Wilshire's highly walkable environment and strong dining and nightlife appeal.
Location
State CA
County Los Angeles
Area C42 - Downtown L.A.
Zoning LAR4
Interior
Fireplace No
Exterior
View Y/N No
View None
Building
New Construction No
Others
Senior Community No
Tax ID 5155029009
Acceptable Financing Cash
Listing Terms Cash
Financing Cash
Special Listing Condition Standard
Listed by Adam Peterson CB Richard Ellis, Inc. #01815802