9600-9616 S. Western Avenue is a rare three-parcel corner assemblage totaling approximately 24,551 square feet (0.56 acres) at the prominent southeast corner of S. Western Avenue and W. 96th Street in the heart of South Los Angeles. The existing improvements total approximately 8,127 square feet across two purpose-built structures: a… Read More licensed preschool campus (6,195 SF) and a church sanctuary (1,932 SF). A third vacant land parcel rounds out the assemblage, offering near-term income from commercial uses such as a recycling center or tow yard. Together, the three components project an estimated $15,264 per month in gross income and approximately $146,434 in annual net operating income, supporting the $2,095,000 asking price at a pro forma cap rate of approximately 6.97%. The site is zoned C2-1VL-CPIO and located within a Transit Oriented Communities (TOC) Tier 2 designation, one of the most favorable development overlays in the City of Los Angeles, enabling 98 residential units by right under TOC and over 100 units under Executive Directive 1 (ED1) with no public hearing required. For an owner-user, a licensed preschool operator, faith-based institution, or community education organization, $2,095,000 represents approximately $258 per square foot for 8,127 SF of purpose-built improvements: a fully configured 6,195 SF preschool campus plus a 1,932 SF church sanctuary with fellowship hall, and a vacant land component that can support parking, outdoor programming, or supplemental lease income. Replacement cost for comparable purpose-built preschool and institutional space in Los Angeles routinely exceeds $500 per square foot, making this an acquisition price that simply cannot be replicated through new construction. A qualified operator can assume or transfer the existing CDSS preschool license (buyer to verify) and be operational with minimal capital expenditure. For a private investor, the site offers three independent income streams, the preschool, the church, and the vacant land parcel, with diversified tenant and use profiles that reduce single-tenant concentration risk. The pro forma income supports the asking price at a 6.97% cap rate, while stabilization of all three components reprices the asset toward the 6.4% scenario, representing an estimated $185,000 in embedded value creation. The Western Avenue corridor continues to attract new multifamily and mixed-use investment, and the TOC Tier 2 designation provides a natural developer exit as land values appreciate. With 372,000 residents within three miles, 24,000 vehicles per day, and 12 minutes to LAX, this is a corridor with durable institutional and community demand. For a developer or land banker, this site represents one of the most entitlement-ready corner assemblages available on Western Avenue today. The C2-1VL-CPIO / TOC Tier 2 zoning is already in place. ED1, AB 2011, and SB 35 all provide by-right or ministerial approval pathways to 100+ units without discretionary review or public hearing. While market-rate development does not pencil at today's construction costs, an affordable housing developer utilizing LIHTC, ED1, or mission capital will find the land basis, site configuration, and entitlement certainty highly competitive in this submarket. A land banker can acquire the site at effectively zero net carrying cost, the income covers it, and hold for the catalyst that makes the development pencil: moderating construction costs, an affordable development partner, or continued corridor appreciation toward the $120 - $150/SF land value range. APN: 6055-022-028, 6055-022-029, 6055-022-030 Read Less
Courtesy of Maher Commercial Realty 310-464-1453
Listing Snapshot
Days Online
1
Last Updated
Property Type
Other
Lot Size
0.56 Acres
Year Built
1957
MLS Number
26660467
30 Days Snapshot Of 90047
$766k
0%
(avg) sold price
3
-25%
homes sold
54
-47%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
8,127 sq ft, Built in 1957
Disclosures
None
Lot
LotAcreage: 0.2607, LotSizeArea: 24,551
Property
Zoning: C2-1VL-CPIO (TOC) Tier 2
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