257 E Vernon Ave, Los Angeles, CA 90011

Absolute NNN Church’s Chicken Location | 0.24 Acre Corner Lot, ED1 Eligible

Sold: $1,200,000

Property Highlights

Restaurant site built in 1969
10,305 SqFt corner lot; 0.24 Acres
Zoned LAR3 with Tier 3 TOC, multifamily residential.
ED1 Eligible Unlimited Density w/ Expedited Approvals (Buyer to verify)
Signalized hard corner in South Central
Occupied by large national credit tenant Church’s Chicken until 12/27/24
Dense infill location with large traffic counts
+/- 12 residential units by right, +/- 22 units with TOC, or 75+ units via Unlimited Density with an ED1 100% Affordable Project (Buyer to verify)
At $116/SF of land, no RSO obligations, no relocation fees, and no Ellis Act requirements
Solid rental income of $4,976/mo through end of 2024 calendar year; Absolute NNN lease
Only restaurant in immediate location
Corner of San Pedro St & Vernon Ave

The Deal Story

The Glaser Group is pleased to announce the successful closing of 257 E Vernon Ave, a restaurant & vacant land development opportunity in Inglewood. In just one week, we generated 8 offers by implementing our comprehensive marketing strategy, utilizing both our proprietary database and various third-party platforms. This exposure attracted a wide range of buyers, as the property’s unique potential for retail drive-thru and ED1 multifamily redevelopment was highly appealing. We ultimately secured an all-cash buyer with short contingency periods, ensuring a smooth escrow process. Both the buyer and seller were in 1031 exchanges, making this a seamless transaction for all parties involved.

257 E Vernon is zoned for multifamily use with an LAR3 zoning and Tier 3 TOC designation, and as an ED1 eligible site, it provides the perfect multifamily development opportunity for both market rate, TOC and affordable projects. The site also provides the opportunity to be re-tenanted at market rents with a new restaurant operator, or to be redeveloped for a build-to-suit quick service restaurant. The parcel is a quarter-acre hard signalized corner at the intersection of Vernon & San Pedro, located in a dense infill area with high traffic counts and strong foot traffic.

If you're interested in exploring a similar sale or purchase, please send us an email or call us at 310-230-5157. We’d be happy to help.