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257 E Vernon Avenue
USD 1,200,000
Property ID: 24403735
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257 E Vernon Avenue ,90011
icon Land
icon 10305 SqFt
icon Built in 0001
icon USD 116/SqFt
icon 0 Bed
icon 0 Full
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Location Street View
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Interior Details
Bedrooms
0
Bathrooms
0
Interior Size
0
Construction Details
Property Type Land
Property Condition --
Architectural Style --
New Construction --
Year Built 0001
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Detailed Introduction Of This Home
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.
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Cissy Tang
TEL: (+1)626 9868**** icon
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Contact Development/Agent
icon
Cissy Tang
(+1)626 9868**** icon
Please enter your nationality
+87
Cannot be empty
Email address is invalid Email address not authenticated!
Cissy Tang
(+1)626 9868**** icon
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257 E Vernon Avenue
USD 1,200,000 0 Beds
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