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Los Angeles, CA
Built in 1927
- DEVELOPMENT OPPORTUNITY - The 14,757 SF rear parking lot qualifies for a TOC Tier 3 density bonus, allowing for up to a 63-unit multifamily development.
- WELL POSITIONED TO CAPTURE GROWTH - Wilshire Royale is located along Los Angeles' premier thoroughfare, Wilshire Boulevard, and located between two of Los Angeles' most dynamic neighborhoods, Koreatown and Downtown LA.
- PREEMINENT ACCESS TO EMPLOYMENT- Located approximately one mile from Downtown and Mid-Wilshire/Koreatown with 78 million square feet of combined office space. The Property is also within 1.5 miles from both the 110 and 101 freeways, providing additional access to employment hubs in all of Southern California.
- INTERIOR VALUE-ADD OPPORTUNITY - Investor can continue the high-end unit interior renovation plan (126 units are non-renovated) and focus on revenue-generating improvements.
- MILLS ACT TAX ABATEMENTS - Originally constructed in 1927, Wilshire Royale has become an iconic landmark and is eligible for the Mills Act tax abatements that would significantly reduce annual taxes.