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2618 W Martin Luther King Jr Blvd 941 SF Vacant Retail Building Los Angeles, CA 90008 $699,000 ($742.83/SF)
Executive Summary
2618 W Martin Luther King Jr Boulevard is a well-positioned development opportunity located in Leimert Park, one of the hottest submarkets throughout Los Angeles. The property consists of 5,908 SF of C2 land, positioned on a corner with alley access in the rear. The property has approximately 57' in width, 105' in depth, and a 20' alley in the rear to allow for ingress/egress flexibility on a new development. The current improvements, a 941 SF building that was previously a restaurant use, are in need of either demolition or a full rebuild. Nearby developments include 195 units on Crenshaw Boulevard, the Baldwin Hills Crenshaw Plaza, and various creative offices off of Jefferson Boulevard. With its central location 2.5 miles from USC and just a 2-minute drive from LAX to Crenshaw Metro Rail Line, a new development is expected to be the property's highest and best use. Buyers shall rely on their own due diligence to verify the development potential of the property within the City of Los Angeles. Contact the listing broker for additional information.
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Freestanding
Building Size
941 SF
Building Class
C
Year Built
1964
Price
$699,000
Price Per SF
$742.83
Percent Leased
Vacant
Building Height
1 Story
Building FAR
0.16
Lot Size
0.14 AC
Zoning
LAC2
Parking
3 Spaces (3.19 Spaces per 1,000 SF Leased)
Frontage
Moderately walkable
60/100
Moderately drivable
70/100
Good public transit
70/100
Fairly bikeable
50/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 5023-023-018 | Improvements Assessment | $135,304 |
| Land Assessment | $389,674 | Total Assessment | $524,978 |
Property Taxes
Parcel Number
5023-023-018
Land Assessment
$389,674
Improvements Assessment
$135,304
Total Assessment
$524,978
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