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521 Carondelet - LAR4 Multifamily Development Site 0.27 Acres of Residential Land Offered at $3,000,000 in Los Angeles, CA 90057
Investment Highlights
- Located in Mid-Wilshire/Lafayette Park on the eastern edge of Koreatown, a major Los Angeles growth corridor.
- Just blocks from the historic Bullocks Wilshire landmark and surrounded by notable apartment communities and new developments.
- Short drive to major freeways, Downtown Los Angeles, and regional employment centers.
- Supports higher density and reduced parking under Tier 3 TOC incentives, maximizing future development potential.
- Walkable urban environment with excellent access to metro transit, retail, and dining destinations.
- Offered as a vacant site, streamlining entitlement and construction timelines for multifamily development.
Executive Summary
CBRE, Inc., as exclusive advisor to the Seller, is pleased to present an opportunity to develop a multifamily project in a prime infill Los Angeles submarket.
The subject site at 521-525 S. Carondelet St. is a vacant rectangular 2-lot development site located in the Mid-Wilshire/Lafayette Park area on the eastern edge of Koreatown. Zoning designation is LAR4-1 with a Tier 3 TOC status for increased density, FAR and reduced parking. The immediate area is one of the most investment rich locations in all of Los Angeles with new developments like the 644-unit Kurve on Wilshire (completed by Greystar in 2021) and historic trophy apartments like the Wilshire Royale, the Asbury, the Bryson and The Town House dotting the skyline. The iconic Art Deco Bullocks Wilshire historic-cultural monument is just a few blocks away from 521 S. Carondelet, purchased and repurposed by Southwestern Law School in 1994.
???????CoStar estimates that multifamily vacancy in Koreatown is currently elevated, reflecting the delivery of nearly 3,850 new units over the past 24 months. This recent supply influx has temporarily increased availability; however, the submarket rebounded quickly after the pandemic, with rents climbing consistently since early 2021. Koreatown remains more affordable than surrounding areas such as Hollywood, Hancock Park, and Silver Lake and benefits from Mid-Wilshire’s highly walkable environment and strong dining and nightlife appeal.
The subject site at 521-525 S. Carondelet St. is a vacant rectangular 2-lot development site located in the Mid-Wilshire/Lafayette Park area on the eastern edge of Koreatown. Zoning designation is LAR4-1 with a Tier 3 TOC status for increased density, FAR and reduced parking. The immediate area is one of the most investment rich locations in all of Los Angeles with new developments like the 644-unit Kurve on Wilshire (completed by Greystar in 2021) and historic trophy apartments like the Wilshire Royale, the Asbury, the Bryson and The Town House dotting the skyline. The iconic Art Deco Bullocks Wilshire historic-cultural monument is just a few blocks away from 521 S. Carondelet, purchased and repurposed by Southwestern Law School in 1994.
???????CoStar estimates that multifamily vacancy in Koreatown is currently elevated, reflecting the delivery of nearly 3,850 new units over the past 24 months. This recent supply influx has temporarily increased availability; however, the submarket rebounded quickly after the pandemic, with rents climbing consistently since early 2021. Koreatown remains more affordable than surrounding areas such as Hollywood, Hancock Park, and Silver Lake and benefits from Mid-Wilshire’s highly walkable environment and strong dining and nightlife appeal.
Property Facts
| Price | $3,000,000 | Property Type | Land |
| Sale Type | Investment | Property Subtype | Residential |
| Sale Condition | Redevelopment Project | Proposed Use | Apartment Units |
| No. Lots | 1 | Total Lot Size | 0.27 AC |
| Zoning | LAR4-1 - Zoning designation is LAR4-1 with a Tier 3 TOC status for increased density, FAR and reduced parking. | ||
| Price | $3,000,000 |
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Proposed Use | Apartment Units |
| Total Lot Size | 0.27 AC |
| Zoning | LAR4-1 - Zoning designation is LAR4-1 with a Tier 3 TOC status for increased density, FAR and reduced parking. |
1 Lot Available
Lot
| Price | $3,000,000 | Lot Size | 0.27 AC |
| Price Per AC | $11,029,411.76 |
| Price | $3,000,000 |
| Price Per AC | $11,029,411.76 |
| Lot Size | 0.27 AC |
Vacant rectangular 2-lot development site.
Description
The property consists of approximately 0.27 acres across two contiguous lots in Los Angeles County within the Mid-Wilshire submarket. It is zoned LAR4-1 and designated as Tier 3 TOC, allowing increased residential density. The site is currently vacant and rectangular in shape. Surrounding uses include multifamily residential properties, educational institutions, and cultural landmarks. The property benefits from proximity to mass transit routes, arterial streets, and regional roadways providing connectivity to Downtown Los Angeles and neighboring districts.
1 1
Very walkable
80/100
Moderately drivable
70/100
Exceptional public transit
90/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 5155-029-009 | Improvements Assessment | $0 |
| Land Assessment | $2,163,328 | Total Assessment | $2,163,328 |
Property Taxes
Parcel Number
5155-029-009
Land Assessment
$2,163,328
Improvements Assessment
$0
Total Assessment
$2,163,328
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521 Carondelet - LAR4 Multifamily Development Site
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