Metropolitan Building
Motivated Seler | Value-Add Mixed Use Apartments over Retail in DTLA | 161,232 SqFt
Marketing description
Matthew Luchs of Zacuto Group, alongside Mike Hanassab and Elliot Hassan of Northmarq, are pleased to exclusively present the Metropolitan Building at 449 South Broadway, a ±137,335 square foot mixed-use landmark on a ±19,358 square foot parcel in the heart of Downtown Los Angeles’ Historic Core. Designed in 1913 by John Parkinson, architect of Union Station, City Hall, and the Coliseum, the Metropolitan is regarded as one of Southern California’s finest examples of Beaux-Arts commercial architecture. Once home to the Los Angeles Public Library, the property stands as both a timeless treasure and a compelling value-add opportunity.
The Metropolitan was the first building in Downtown Los Angeles converted to loft residences under the Adaptive Reuse Ordinance, pioneering the movement that reshaped DTLA into a true live-work neighborhood. The multifamily portion spans six floors with 88 units, currently 91 percent occupied, with the ability to expand to 96 units by activating the second floor. Apartments feature high ceilings, historic windows, polished concrete floors, stainless steel appliances, and in-unit laundry hookups. Tenants enjoy a comprehensive amenity package including a roof deck with pool and spa, fitness center, game room, cabanas, BBQ grills, and concierge-style services.
At street level, the property offers ±20,000 square feet of retail fronting Broadway. Entirely vacant today, the space is a blank canvas for a flagship retailer, dining concept, or adaptive reuse. This optionality between retail lease-up and creative repositioning underscores the building’s scale and flexibility.
As a designated Historic-Cultural Monument, the Metropolitan qualifies for Mills Act property tax abatements and both federal and state historic rehabilitation tax credits. It is also located within the City’s Adaptive Reuse Incentive Area, ensuring streamlined approvals for residential expansion or repositioning. With its combination of architectural pedigree, institutional scale, stable cash flow, and multiple value-add strategies, the Metropolitan is a generational investment opportunity in one of Los Angeles’ most dynamic growth corridors.
Investment highlights
Generational Broadway Landmark: ±161,232 SF mixed-use asset on a ±19,358 SF lot, originally built in 1913.
Architectural Pedigree: Designed by John Parkinson, architect of Union Station, City Hall, and the Coliseum.
Residential Upside: 88 existing units (with potential for 96) are currently 91 percent occupied with in-place rents averaging $2,320 per unit versus market rents of $2,544, representing immediate revenue growth potential.
Diversified Unit Mix: Spacious layouts ranging from 735 to 1,512 square feet include studios, one-bedrooms, and two bedrooms, catering to a broad tenant profile and reinforcing demand in a supply-constrained downtown Los Angeles market.
Vacant Retail Opportunity: ±40,000 square feet of ground-floor and basement retail, a flagship presence along Broadway.
Flexible Business Plans: Multiple viable strategies: multifamily expansion, retail activation offering investors true optionality.
Broadway Corridor Renaissance: Surrounded by the Bradbury Building, Apple Tower Theatre, Grand Central Market, Rialto Theatre, and the Eastern Columbia Building, all symbols of the Historic Core’s transformation.
Unparalleled Location & Access: Walk Score of 99 with direct access to the new Historic Broadway Metro Station, Pershing Square transit hub, and proximity to the 10, 110, and 101 freeways.
Historic Incentives: Eligible For Mills Act property tax reductions and state and federal historic rehabilitation credits, enhancing long-term returns.
Unit sizes are estimated. Vacant units are marked to market rents.
Other income is estimated per actuals for laundry income at $2000/Mo. RUBS have been implemented in market scenario at 75% recapture of total utilty cost.
Self Storage Income is implemented in YR 1 and market scenarios to comp supported levels.
Payroll is per proforma. Payroll breakdown is estimated for On-Site Management at $50K/YR & On Site Maintenance at $65K/YR
Utilities are per trailing actuals in all scenarios
Contract Services in current scenario are per actuals for security, elevator, trash, and cleaning. YR 1 and Market reflect reduced figures per industry standard.
Self strorage income is estimated per comp set on page 36. 5% Vacancy is assumed on GPR and a 10% opex ratio is applied to YR 1 and Market Scenarios.
All other expenses are per industry standard.
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