NNN Retail Center Redevelopment
For Sale
$17,950,000
698 S Vermont Ave, Los Angeles, CA 90005
Fully operational NNN retail center on a signalized corner with C2-2 zoning supporting major redevelopment flexibility.
Property Size16,451 SF
Price / SF$1,091
Days on Market90
Property Features for 698 S Vermont Ave
General Information
Standard status
Active
Size
16,451 SF
Property subtype
Shopping Strip
Amenities
Uncapped Vertical Potential: Rare C2-2 zoning provides a "By-Right" path with unlimited height and a massive 6:1 FAR
Irreplaceable Trophy Location: Commanding 0.6-acre corner lot at the highly trafficked intersection of Vermont Ave. and 7th St
Heart of the Koreatown Skyline: Located one block from Wilshire Center, directly across from the 22-story Bank of Hope building
Lucrative Covered Land Play: Existing 16,451 SF retail center with 14 NNN tenants provides strong holding income during entitlements
Immediate Revenue Upside: Includes a 605 SF onsite office that can be immediately leased for additional cash flow
Flexible R4 Residential Density: Zoned to accommodate a landmark mixed-use, luxury multi-family, retail, or corporate high-rise tower
Building Details
Building Size
16,451 SF
Year Built
1984
Listing Agency:
Marcus & Millichap - Dallas
Listed By:
William Kim · License #License(s): CA: 01344741, TX: 755628, NV: S.0204443
(972) 755-5283
Source:
Marcusmillichap
Added: Jun 9
Changed: Aug 11
Last Checked: Sep 5 at 3:37AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Dallas
Investment Insights
Based on property information with market context.
The property consists of an existing 16,451-square-foot retail center on a 0.6-acre trophy lot. The center is currently fully operational and features 14 tenants on NNN leases, supported by a 605-square-foot building management office. The asset is presented as a redevelopment platform with an emphasis on unlimited-height development opportunity under the existing entitlement framework described in the offering.
The site is located at the signalized northeast corner of Vermont Avenue and 7th Street in Los Angeles. It is positioned in the heart of Koreatown and is described as being one block south of the Wilshire Center corridor, directly across from the Bank of Hope high-rise.
From a development standpoint, the property is marketed with C2-2 zoning and a described 6:1 Floor Area Ratio (FAR). The offering notes residential density defaulting to R4, and it outlines a by-right development approach with flexibility for uses such as premier retail, multi-family luxury apartments, corporate offices, or a flagship mixed-use high-rise. For buyers or operators seeking an existing income-producing retail asset while pursuing a higher-and-better development plan, this site combines an operating tenant base with redevelopment upside supported by the zoning parameters stated in the materials.
The site is located at the signalized northeast corner of Vermont Avenue and 7th Street in Los Angeles. It is positioned in the heart of Koreatown and is described as being one block south of the Wilshire Center corridor, directly across from the Bank of Hope high-rise.
From a development standpoint, the property is marketed with C2-2 zoning and a described 6:1 Floor Area Ratio (FAR). The offering notes residential density defaulting to R4, and it outlines a by-right development approach with flexibility for uses such as premier retail, multi-family luxury apartments, corporate offices, or a flagship mixed-use high-rise. For buyers or operators seeking an existing income-producing retail asset while pursuing a higher-and-better development plan, this site combines an operating tenant base with redevelopment upside supported by the zoning parameters stated in the materials.
Key Highlights
- 0.6‑acre Koreatown site at the signalized NE corner of Vermont Ave and 7th St
- Fully operational 16,451‑SF retail center with 14 tenants on NNN leases
- C2‑2 zoning with 6:1 FAR; residential density defaults to R4
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
8,302
Businesses Nearby
Explore this area
Business Placement
Demographics for 90005, CA
37,987
Population
19,357
Households
2
Avg Household Size
37
Median Age
38%
College-Educated
74%
High-School Grad
1.2 sq mi
ZIP Area
31,656
Density / Sq Mi
$52,755
Median Household Income
$35,847
Median Earnings
$1,648
Median Rent
$1,084,400
Median Home Value
Market
Vacancy Rate% for Retail in Los Angeles, CA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Strip mall - Fully operational NNN retail center on a signalized corner with C2-2 zoning supporting major redevelopment flexibility.
Where is this strip mall located?
The property is located at 698 S Vermont Ave Los Angeles, CA.
What is the asking price?
The asking price for this property is $17,950,000.
What are key features of this property?
This property features: 0.6‑acre Koreatown site at the signalized NE corner of Vermont Ave and 7th St; Fully operational 16,451‑SF retail center with 14 tenants on NNN leases; C2‑2 zoning with 6:1 FAR; residential density defaults to R4
