Six adjoining lots spanning 1.57 acres have recently entered the market in downtown Los Angeles. Located near the Convention Center, LA Live and Crypto Arena, the property portfolio offers a number of potential development opportunities due to its central location, according to a marketing brochure for the property. While pricing on the marketing brochure remains undisclosed, a report from The Real Deal indicates that the asking price for the portfolio is approximately $27 million.
Located at 1313-1337 West 11th Place and 1327-1333 West 12th St., the lots are listed by a team that includes Patrick Sharples of KW Commercial as well as Tate Stringer and Terry Mosely of American California Financial Services. The property is currently owned by an entity that shares an address with Los Angeles-based parking provider Classic Parking.
The asphalt-paved and fenced lots are currently utilized as surface parking, catering to the Downtown Office and Commercial district. As part of the Enterprise Zone and Transit Priority Overlay Zones, the properties maintain accessibility to major transportation routes, public amenities and business hubs. The property also maintains easy access to Interstate 110.
Designated as CM-1-O – Commercial Manufacturing, the zoning of the lots opens up a myriad of development possibilities, including commercial facilities, mixed-use projects or affordable housing developments through ED1 eligibility.
The surrounding area has seen significant growth as well, according to marketing materials. Within a two-mile radius of the property, there are 208,674 residents with an average household income of $75,364 per year. There are also 27,000 market rate apartments within the immediate area and 6,760 condominiums. .
“Downtown Los Angeles has experienced significant growth and revitalization in recent years, becoming a vibrant hub for commerce, entertainment and residential development. The area benefits from a thriving Convention Center, Crypto Arena and LA Live hosting numerous high-profile events and attracting a steady stream of visitors. The proximity of the lots to these venues further enhances their appeal for potential buyers, presenting a unique opportunity to capitalize on the growing demand for parking, commercial, hospitality and housing space in the vicinity,” the listing states.
