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$1,100,000
Est. payment /mo
10,305 Sqft Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 25494889
Lot Size 10,305 Sqft
Acres 0.2366
Property Description
257 E Vernon Ave is a former Church's Chicken restaurant & vacant land development opportunity in a prime South Central location. The 10,305 square foot corner-lot hosts an 800 square foot vacant restaurant space, formerly occupied by Church's Chicken, a national QSR tenant. The all-electric structure was built in 1969 and does not currently have a drive thru component. The tenant's absolute NNN lease expired on Dec 27, 2024, so the lot is now completely vacant. 257 E Vernon is zoned for multifamily use with an LAR3 zoning and Tier 3 TOC designation, and as an ED1 eligible site, it provides the perfect multifamily development opportunity for both market rate, TOC and affordable projects. The site also provides the opportunity to be re-tenanted at market rents with a new restaurant operator. The parcel is a quarter-acre hard signalized corner at the intersection of Vernon & San Pedro, located in a dense infill area with high traffic counts and strong foot traffic. The R3 - TOC 3 zoning allows for +/- 12 residential units by right, up to +/- 26 units utilizing the CHIP (Citywide Housing Incentive Program), or 75+ units via Unlimited Density with an ED1 100% Affordable Project (Buyer to verify). At $106/SF of land, no RSO obligations, no relocation fees, and no Ellis Act requirements, this site is priced to sell. With easy access to the 110 and 10 freeways, future tenants will have an easy commute across the entire Greater LA area. [VISIT PROPERTY WEBSITE HERE: https://www.lamultifamilybroker.com/listings/257-e-vernon-ave-2].
Location
State CA
County Los Angeles
Area Downtown L.A.
Zoning LAR3
Exterior
View Y/N No
View None
Others
Special Listing Condition Standard
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Listed by Lyon Stahl Investment Real Estate, Inc.
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