1911 New England St
Los Angeles, CA 90007
47-Unit Development Opportunity · Land For Sale · 0.26 AC

Floyd Shaheen of Marcus & Millichap is pleased to present 1911 New England Street, a 11,468 square foot corner lot currently occupied by three month-to-month tenants. The property presents a unique opportunity to reposition the 3,749 square feet of rentable space or develop up to 47 multifamily units on the C2-1-CPIO zoned lot. 1911 New England Street is ideally located on the corner of Washington Boulevard and New England Street, just two blocks north of 10 freeway and one mile west of LA Live, Staples Center, and the Los Angeles Convention Center. The immediate area boasts a dense immediate population, high barriers to entry, and strong market fundamentals yielding an investor/developer landlord favored market conditions with significant growth potential. Centrally within a mile of the 10 and 110 freeways, the asset benefits from convenient accessibility to Downtown Los Angeles, Koreatown, Westside Los Angeles / Culver City, Hollywood and Echo Park / Silver Lake. Adjacent to West Adams Prepatory High School, the corner sees approximately 35,000 vehicles per day. The property currently grosses $43,200 annually. The subject property is zoned C2-1-CPIO and falls under Transit Oriented Communitie (TOC) Tier 2, allowing for a “by right” 28 unit project or up to 47 units utilizing TOC Affordable Housing incentives. The designation requires a minimum 9% ELI affordable component, but allows for a 60% density bonus, 3.25 : 1 floor area ratio (FAR), and as low as 0.5 parking spaces per bedroom or 1 space per unit (for units with more than 2 bedrooms). 1911 New England Street is located at the convergence of neighborhoods on the rise, including Dowtown Los Angeles, University Park, and Mid-City. These neighborhoods have experienced a major influx of development and gentrification over the last decade and due to their access to coveted universities, major employment sectors, and retail/shopping options, the area is still poised for significant economic growth. Downtown Los Angeles is the central business district of Los Angeles, California, as well as a diverse residential neighborhood of some 58,000 people. A heritage of the city’s founding in 1781, Downtown Los Angeles today is composed of different areas ranging from a fashion district to a skid row, and it is the hub of the city’s Metro rapid transit system. Banks, department stores and movie palaces at one time drew residents and visitors into the area, but the district declined economically and suffered a downturn for decades until its recent renaissance starting in the early 2000s: old buildings are being modified for new uses, and skyscrapers have been built. Downtown Los Angeles is known for its government buildings, parks, theaters and other public places. Nearby University of Southern California (1.1 miles) has a total of 44,000 students with a majority living off site and had a record year of student applications totaling 64,000 applicants in 2018. Mount Saint Mary’s University has a total of 2,575 enrolled and is nationally recognized for its academic programs. 1911 New England Street offers a potential student housing project for students who want to live within a mile from USC or a 10-minute walk to Mount Saint Mary’s University. Such proximity to prestigious campuses offer strong student renter demand that makes the property an ideal Student Housing option.