4950 Wilshire BlvdLos Angeles, CA 90010

This exceptional 7,861 square foot executive office building, located at 4950 Wilshire Blvd in Los Angeles, CA 90010, presents a compelling value-add or development opportunity. Situated on a 0.59-acre lot (25,578 square feet), this Class B property boasts a desirable Miracle Mile location. Currently vacant, the building offers 30 parking spaces and is zoned CR(PKM)-1, allowing for various development possibilities. Built in 1945, the two-story structure presents a unique chance to renovate the existing space or explore alternative uses. The General Plan Land Use permits up to 63 units by right, or 96 units with a statewide density bonus. The property's prime location on Wilshire Boulevard, a major thoroughfare, offers excellent visibility and access to a vibrant retail environment, including high-end boutiques, shops, and the Grove outdoor shopping center. The asking price is $12,000,000, with a price per square foot of $1,526.52. The property's land value is $25,578 per square foot. Excellent public transportation options, including nearby bus lines and the Wilshire/La Brea Metro station, further enhance its appeal. The area also features nearby parks such as Pan Pacific Park and Hancock Park. This property is offered fee simple.