Prime Los Angeles Land for Redevelopment with Northgate Market Tenant

This listing presents a significant redevelopment opportunity in a prime Los Angeles location at 2323 W Olympic Blvd. The property features a substantial land parcel of 1.653 acres (72,003 SF) with C2, C4, and P1 zoning, situated at a prominent corner intersection. The site is ideal for a mixed-use development, with potential for approximately 350 residential units and 60,000 SF of retail space, leveraging density bonus and TOC Tier 3 incentives. Currently, the land is leased to a strong single NNN tenant, Northgate Market Los Angeles, occupying a 19,436 SF building. The current lease generates $672,000 in annual income, with projected income of $702,000 for the next year and annual increases of $12,000. The lease has a term ending February 28, 2030, with no renewal options. This offering combines immediate rental income with immense long-term development potential, benefiting from high visibility and traffic on Olympic Blvd, and proximity to Downtown Los Angeles and the Crypto.com Arena.