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2/14/23
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A 24.7k sf parcel of land located in South Los Angeles sold for $3.15 mil. The redevelopment opportunity is located at 4420 S Broadway, just south of Vernon Ave and just east of the 110 Fwy.
The lot has a zoning of LAC2-2D-CPIO, which allows for 61 by-right units. Along with Tier 3 transit-oriented community development incentives, there is a total of 106 potential buildable units. The buyer plans on developing an affordable housing development.
The property received multiple offers in the first couple days of listing, which led to a sale that was 5% over list price. There were no residential units to replace, and all commercial tenants were on month-to-month leases. The final sale price reflected $127.48 per square foot of land on an opportunity with no current plans or entitlements in place.
Jason Tuvia with Marcus & Millichap represented the seller, an individual/personal trust. The buyer, Markwood Enterprises, was also repped by Tuvia.
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