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Key Details
Sold Price $1,200,000
Property Type Vacant Land
Listing Status Sold
Purchase Type For Sale
MLS Listing ID 24403735
Sold Date 10/01/24
HOA Y/N No
Lot Size 10,306 Sqft
Acres 0.2366
Property Description
257 E Vernon Ave is a restaurant & to be vacant 0.24 acre land development opportunity in a prime South Central location. The 10,305 square foot corner-lot holds an 800 square restaurant space, currently occupied by Church's Chicken, a national QSR tenant. The structure was built in 1969 and does not currently have a drive thru. The tenant's absolute NNN lease is set to expire Dec 27, 2024, so the lot will be completely vacant at the end of the calendar year. Church's chicken currently pays $4,976/mo NNN, offering a 4.98% cap rate through the end of the year. 257 E Vernon is zoned for multifamily use with an LAR3 zoning and Tier 3 TOC designation, and as an ED1 eligible site, it provides the perfect multifamily development opportunity for both market rate, TOC and affordable projects. The site also provides the opportunity to be re-tenanted at market rents with a new restaurant operator, or to be redeveloped for a build-to-suit quick service restaurant. The parcel is a quarter-acre hard signalized corner at the intersection of Vernon & San Pedro, located in a dense infill area with high traffic counts and strong foot traffic. The R3 - TOC 3 zoning allows for +/- 12 residential units by right, +/- 21 units with TOC, or 75+ units via Unlimited Density with an ED1 100% Affordable Project (Buyer to verify). At $116/SF of land, no RSO obligations, no relocation fees, and no Ellis Act requirements, this site is priced to sell. With easy access to the 110 and 10 freeways, future tenants will have an easy commute across the entire Greater LA area.
Location
State CA
County Los Angeles
Area C42 - Downtown L.A.
Zoning LAR3
Interior
Fireplace No
Exterior
View Y/N No
View None
Building
Lot Description Flat
New Construction No
Others
Senior Community No
Tax ID 5113017014
Special Listing Condition Standard
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Bought with Jake Glaser • Lyon Stahl Investment Real Estate, Inc.