Property Detail

Description

Cushman & Wakefield U.S., Inc., as exclusive advisor, is pleased to present an exceptional investment opportunity near the heart of Koreatown: 236 Vendome (the “Property”), a beautiful, 8-unit multifamily property nestled in the heart of Koreatown, one of Los Angeles’ most vibrant neighborhoods. Situated on a 0.30-acre parcel, 236 Vendome offers an attractive mix of two (2) 1BR/1BA and six (6) 2BR/1BA units, exhibiting a blended average unit size of over 1,000 square feet per unit. Each unit features an efficient layout with highly attractive and unique interior design characteristics. Nine (11) gated parking spaces are located on the eastern side of the property, and are accessible via the alleyway abutting the that side of the Property. Due to the existing layout/configuration and underlying zoning & land use guidelines, 236 Vendome offers an opportunity to realize additional, by-right residential density (via ADU development and/or density bonus incentives). 236 Vendome is zoned RD-1.5-1 by the City of Los Angeles, and can comfortably accommodate new development on the east side (rear) of the property, which is accessible via an interior alleyway. This portion of the site is well-suited for 2-3 ADU units with tuck-under parking. The additional density is permitted by-right via the city’s ADU Ordinance and/or Tier 3 TOC designation, a density bonus incentive increasing the unit yield by 40% and the maximum FAR by 45%. 236 Vendome has a strategic location proximate to Koreatown's commercial hub, featuring a high concentration of amenities and entertainment, which will continue to generate steady tenant demand, and potential for future growth. The Property has high visibility and convenient access to a regional transportation network serving Southern California, situated near the I-10, 110, and 101 Freeways, providing convenient access to every major freeway that passes through Greater Los Angeles. Moreover, the location is near the true center of the region, with only 9 miles to the Hollywood Burbank Airport, 10 miles to Los Angeles International Airport, and 20 miles to the Ports of Los Angeles and Long Beach. 236 Vendome presents a unique opportunity for investors seeking value-add opportunities in Koreatown's dynamic residential real estate market. Potential buyers can reimagine and enhance this historic gem to meet modern residential demands.