The Subject Property is an approximately 30,000 square feet vacant land parcel located on the corner of South Alameda Street and East 24th Street less than 2 miles south of the Fashion District of Downtown Los Angeles. The property is zoned M3 (Heavy Industrial) and is currently used as a recycling and storage yard. While the parcel is reportedly over 42,600 square feet in size, in accordance to public records, a street dedicated was granted allowing 24th Street to run from Long Beach Avenue to Alameda Street. The balance of the lot is now approximately 30,000 square feet in size.
The property is located within the allowable buffer area of Los Angeles City’s Commercial Cannabis Location Restriction Ordinance. Sometimes, referenced to as the “Blue Zone”, this property’s range of allowable cannabis activity is further enhanced by its M3 zoning.
Currently the property is being utilized as an overflow storage yard by Central Metals, a metal recycling company, and can be vacated by the close of escrow.
