257 Vernon Avenue, Los Angeles
Los Angeles Home For Sale
257 E Vernon Ave is a restaurant & to be vacant 0.24 acre land development opportunity in a prime South Central location. The 10,305 square foot corner-lot holds an 800 square restaurant space, currently occupied by Church's Chicken, a national QSR tenant. The structure was built in 1969 and does not currently have a drive thru. The tenant's absolute NNN lease is set to expire Dec 27, 2024, so the lot will be completely vacant at the end of the calendar year. Church's chicken currently pays $4,976/mo NNN, offering a 4.98% cap rate through the end of the year. 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, or to be redeveloped for a build-to-suit quick service restaurant. 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, +/- 21 units with TOC, or 75+ units via Unlimited Density with an ED1 100% Affordable Project (Buyer to verify). At $116/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.
Property Details
Additional Information
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- City:
- Los Angeles
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- County:
- Los Angeles
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- Zip:
- 90011
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- MLS® #:
- 24403735
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- Lot Size:
- 0.24
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- HOA Dues:
- $
Price Change History for 257 Vernon Avenue, Los Angeles, (MLS® #24403735)
| Date | Details | Price | Change |
|---|---|---|---|
| Active Under Contract (from Active) | – | – |
Based on information from California Regional Multiple Listing Service, Inc. as of August 26th, 2024 at 3:45pm PDT. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.