Description
Court Ordered Sale – All Offers Due by 5:00 PM on February 13, 2024. The subject property presents an investor or developer with the opportunity to purchase a 19,404 square foot value-add retail building on an almost one acre (42,076 square foot) parcel of land zoned C2-1D, and located in a TOC Tier 3 community. The property falls within the favorable Subarea B of the Vermont/Western Station Neighborhood Area Plan. The retail center is currently 50% vacant, with a majority of remaining tenants either on month-to-month leases or with lease maturity occurring in 2024. This is a unique value-add or development opportunity in the Thai Town neighborhood of Hollywood. The current zoning supports the development of 92 residential units over retail, or 91-200 units (Buyer to verify) as a 100% affordable project. The premises are approximately 50% leased, with four (4) vacant units.
Property Features:
- Price: $11,999,999
- Building Size: 19,404 Sq.Ft.
- Lot Size: 42,076 Sq.Ft.
- Price Per Sq.Ft. Building: $618.000
- Price Per Sq.Ft. Land: $285.20
- Zoning: C2-1D TOC Tier 3
- Year Built: 1969
- Development Potential: Between 91 and 200 Units (Buyer to Verify)
- Price Per Buildable Door: $130,434
- APN: 5544-034-037
