1547 & 1553 West 11th Street, Los Angeles, CA 90015
Broker David Levine Bramante is proud to present the exclusive listing for sale of 1547 & 1553 West 11th Street, a small portfolio sale of two side-by-side duplexes with LAC1 commercial zoning in the up-and-coming neighborhood of Pico-Union.
These properties are located at 1547 & 1553 West 11th Street, Los Angeles, CA 90015. Investors familiar with Pico-Union already know that this area is experiencing rapid gentrification because of booming Downtown LA and Echo Park nearby.
Currently used as residential income properties, the total unit mix is four two-bedroom / one-bathroom units, with 3,270 square feet of living space, situated on 9,321 square feet of combined parcels, and that include over 13 parking spaces right off of Union Avenue. At least one unit will be delivered vacant at the close of escrow.
The properties are located at Union Avenue and 11th Street, which is one of the higher traffic thoroughfares in Pico-Union, and they are on the same street and only 0.6 miles from the newly coined Crypto.com Arena (formerly the Staples Center).
That means tenants here are only 12 minutes walking distance to the home of the LA Lakers, LA Clippers, LA Kings and LA Sparks (and next door to the Crypto.com Arena is LA Live and the LA Convention Center). This is one of the major entertainment hubs of Southern California.
And with each parcel zoned LAC1, the properties may be significantly more profitable by utilizing their commercial zoning, even with their C1-1 Historic Preservation Overlay Zone (HPOZ) designation. Convert the residential units to commercial use, like offices, or other shops, a deli, grocery store, or so much more to unlock massive rents for these buildings.
Pico-Union, long overlooked, has quickly gained favor among hip Eastside tenants, owners and brokers because of its proximity to Downtown LA, Echo Park, USC, and how easily accessible it is from the major nearby freeways (101-freeway, 5-freeway and 10-freeway), major Metro stations, and thoroughfares like Union and Olympic (among many others).