6801 N Figueroa Street

Description

6801 N. Figueroa Street is a small corner retail property located a few minutes north of Highland Park’s central retail corridors, York Blvd. and Figueroa Street. Built in 1974, the property offers 5,811 SF of building area and sits upon a 14,000+ SF lot. In total, there are 4 retail suites, two of which are currently jointly occupied by local family-owned businesses. (Florist and Salon/Barber, occupying approx. 3,900 combined SF) The other 2 suites house the current ownership’s (Non-Profit Organization’s) on-site chapel and a Commercial Kitchen/Meeting Room used by the current ownership. This Commercial Kitchen/Meeting Room suite was fully renovated in 2020 with new flooring, kitchen appliances, etc. 6801 N. Figueroa St. has a non-gated parking lot with 8 spaces (7 surface spaces + 1 handicap surface space.) This parking lot is accessible from N. Figueroa St. and from La Prada St. The storefront/retail suite that currently operates as a chapel was not originally constructed or designated for religious purposes. 6801 N. Figueroa St. is separately metered for gas/electricity. While the property includes a commercial structure that can be used for retail businesses, 6801 North Figueroa Street is zoned RD1.5-1HCR (low-density residential) and a zoning variance may be required to develop new or additional retail units on the parcel. (buyer to verify) The western third of the lot (Approx. 4,600+ SF), which is currently used for storage, could be re-purposed for up to 8 additional gated surface parking spaces or to develop additional residential or retail units. (buyer to verify, zoning variance may be needed for retail development) Given the standards and limitations in place from the City of LA, a new owner may be able to develop approximately 6 new residential apartment units on the lot. (Feasibility study recommended). Overall, the property has been well-maintained throughout an approx. 40-year hold period. It presents a new buyer with the opportunity to reposition the asset for residential use or to obtain the permits needed to further develop it as a retail property. This property's continued operation as a retail-focused income property is also an option. 6801 N. Figueroa St. can be purchased individually or together with 2 adjacent parcels: 6079 La Prada St. (13-Unit Apt. 1985 Constr.) and 6817-6819 N. Figueroa St. (21-Unit Apt. 1954-1955 Constr.). Altogether, the portfolio covers just over 1 Acre of contiguous residential land in Highland Park.

Listing information courtesy of: Evan Monroe, Growth Investment Group Pasade . *Based on information from the Association of REALTORS/Multiple Listing as of 10/22/2024 and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.