698 S Vermont Ave, Los Angeles, CA 90005

Marcus & Millichap is proud to present a premier, unlimited-height development opportunity featuring a 0.6-acre trophy lot in the absolute heart of Koreatown, Los Angeles. Commandingly positioned at the highly trafficked, signalized northeast corner of Vermont Avenue and 7th Street, this prime property includes an existing 16,451-square-foot retail center. Situated just one block south of the iconic Wilshire Center corridor and directly across from the 22-story Bank of Hope high-rise, the site is surrounded by a dense, soaring skyline of commercial and luxury mixed-use developments, making it the perfect canvas for a landmark urban project.

The site boasts highly desirable C2-2 zoning, offering an exceptional blueprint for a legacy high-rise with unrivaled development freedom and "by-right" versatility. This rare designation provides uncapped vertical potential in one of Los Angeles's densest submarkets, alongside a robust 6:1 Floor Area Ratio (FAR) with residential density defaulting to R4. These favorable zoning conditions allow for a streamlined development process, making it an ideal location for premier retail, multi-family luxury apartments, corporate offices, or a flagship mixed-use high-rise.

Unlike raw land, this asset offers an incredibly secure covered land play that provides immediate, reliable cash flow during the entitlement process. The property is currently fully operational with 14 tenants on NNN leases, delivering strong holding income while a 605-square-foot building management office offers immediate upside to maximize rental income further. Ultimately, this represents a vanishingly rare opportunity for visionary developers to secure a foothold in one of the most vibrant, high-density transit corridors in the United States while collecting reliable revenue during the planning phase.