Courtesy of: Matthew Wenzel | | Marcus & Millichap |
Purchase Type: Sale
MLS ID: PW21211685
Days On Market: 121
Lot size: 1.52
Property Type: Land
Area: 674 - Montebello
New Construction: No
Swimming Pool: No
Has Waterfront: No
Address: 111 W Beverly
County: Los Angeles
Neighborhood: 674 - Montebello
The subject property is a 1.52 acre parcel of land located directly adjacent to Beverly Hospital in the central Los Angeles city of Montebello. This site is extremely well located in that it is only 8 miles southeast of downtown Los Angeles and at the same time very accessible from Orange County – this would allow a potential medical user the ability to draw patients from both areas if a unique medical service were to be offered.
Rectangular and flat, this site is perfectly positioned for any use that would be complementary to the Beverly Hospital, including uses such as an extension to the existing hospital, any medical office use, senior or assisted living facilities or a number of other potential medical uses. A previous structure had been built on the site (structure has been demolished) and as a result all utilities are already located on site.
Primary access is located off of Beverly Blvd. and the property benefits from frontage on Beverly Blvd. of approximately 227'. Daily traffic counts on Beverly Blvd. are approximately 30,000 VPD.
Zoning on the site is C-2 General Commercial and the General Plan Land Use designation is Boulevard Commercial. C-2 allows for a wide range of commercial and office uses and boasts a Floor-Area-Ratio (FAR) allowing a new structure of up to 3:1. What this means is that a developer could theoretically build a new building on the property of approximately 198,000 square feet in size.
Development opportunities in such close proximity to major hospitals in Los Angeles are very rare and desirable assets and this parcel of land will be of great interest to a wide range of potential developers.