The Offering: A Generational Koreatown Development… — Sale in Los Angeles, CA
- Price: Contact for price
- Listing type: For sale
- Asset type: Retail Business
- Location: Los Angeles, CA 90005
- Year built: 1984
Photos
Investment Figures
- Cap rate
- 4.33%
Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.
Description
Marcus & Millichap is proud to present a premier, unlimited-height development opportunity featuring a 0.6-acre trophy lot in the absolute heart of Koreatown, Los Angeles. Commandingly positioned at the highly trafficked, signalized northeast corner of Vermont Avenue and 7th Street, this prime property includes an existing 16,451-square-foot retail center. Situated just one block south of the iconic Wilshire Center corridor and directly across from the 22-story Bank of Hope high-rise, the site is surrounded by a dense, soaring skyline of commercial and luxury mixed-use developments, making it the perfect canvas for a landmark urban project. The site boasts highly desirable C2-2 zoning, offering an exceptional blueprint for a legacy high-rise with unrivaled development freedom and "by-right" versatility. This rare designation provides uncapped vertical potential in one of Los Angeles's densest submarkets, alongside a robust 6:1 Floor Area Ratio (FAR) with residential density defaulting to R4. These favorable zoning conditions allow for a streamlined development process, making it an ideal location for premier retail, multi-family luxury apartments, corporate offices, or a flagship mixed-use high-rise. Unlike raw land, this asset offers an incredibly secure covered land play that provides immediate, reliable cash flow during the entitlement process. The property is currently fully operational with 14 tenants on NNN leases, delivering strong holding income while a 605-square-foot building management office offers immediate upside to maximize rental income further. Ultimately, this represents a vanishingly rare opportunity for visionary developers to secure a foothold in one of the most vibrant, high-density transit corridors in the United States while collecting reliable revenue during the planning phase. Investment Highlights: • Uncapped Vertical Potential: Rare C2-2 zoning provides a "By-Right" path with unlimited height and a massive 6:1 FAR • Irreplaceable Trophy
Market Context
This retail in Los Angeles, CA is listed for sale. It is offered at an approximate 4.3% capitalization rate, a key benchmark for income-producing retail assets. The building dates to 1984. Compare it against other retail listings for sale in Los Angeles, CA — view the full market.
As of Q2 2026, the Greater Los Angeles retail market showed a 5.6% vacancy rate, and average asking rents near $34.14/SF/yr. Source: multiple brokerage reports, Q2 2026.
Tight vacancy keeps competition for quality space elevated.
Retail market FAQ
- Is the Greater Los Angeles retail market tightening or softening?
- Vacancy is around 5.6% (Q2 2026).
Estimated Price per SF
$237.99/SF – $1,731/SF
Mid: $721.17/SF
About 8 in 10 recent recorded sales fell within a range this wide around the estimate. An automated estimate, not an appraisal.
Contact
- William Kim · (972) 755-5283 · william.kim@marcusmillichap.com
- Tony Solomon · (310) 909-5450
- Duke Dennis · (817) 932-6172 · duke.dennis@marcusmillichap.com
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