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April 14, 2021
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SOUTHERN CALIFORNIA NEWS
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Investor Nabs Redevelopment Site in L.A.’s Koreatown

4/01/21

A 3.6k sf, one-story building on .21 acres with future development potential in the heart of Los Angeles’ Koreatown sold for $2.9 mil. The property is located at 513 Western Ave, on the southwest corner of West 5th St and South Western Ave, just north of Wilshire Blvd.

Completed in 1920, the building is currently fully leased to Ace Hardware on a month-to-month basis, providing the new owner with an income stream while they go through the re-entitlement process with the city. Based on current zoning, the new owner could eventually redevelop the property into a multi-housing asset with between 23 and 41 units, depending on if they take advantage of Los Angeles’ Transit Oriented Communities (TOC) program that would allow for a larger unit count.

The property’s central Los Angeles location puts the site between Downtown LA, Hollywood, Miracle Mile and Hancock Park, making it ideal for retail or multi-housing uses. Additionally, the property has near immediate access to the Metro Purple Line’s Wilshire / Western Station and is 2.8 miles from both the 101 and Interstate 10, providing quick, convenient and affordable access to the majority of Los Angeles’ robust employment and cultural hubs.

Adam Friedlander with represented the seller, a private family office based out of Los Angeles. A private investor purchased the asset.

“The ACE Hardware investment offering was a unique opportunity to acquire a single-tenant storefront retail building at a below market rent,” Friedlander said. “Opportunistic buyers were attracted to the property and understood the future development potential of the site.”




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