500 S Union Ave

Los Angeles CA, 90017


$275.84 per sqft


0.46 Acres


We are proud to present a rare opportunity for a developer to acquire an 85-unit, seven-story development project situated in the vibrant Westlake district, just minutes away from Downtown Los Angeles. This remarkable offering encompasses three assembled lots, totaling 19,921 square feet of prime land. The proposed development spans an impressive 64,759 square feet and comprises seventy-nine (79) one-bedroom, one-bath units, as well as six (6) two-bedroom, two-bath units. Notably, the project incorporates forty-three (43) conveniently located parking spaces within the first two stories of the building, eliminating the need for subterranean parking. It's worth mentioning that the sellers have dedicated over 3 years to navigate the city approval process, and the plans are now at the advanced stage of being approximately 90% Ready to Issue (RTI) status. Furthermore, the seller has initiated an Ellis Act for the ten remaining tenants in the existing buildings, with a scheduled move-out date set for July 2024.The Westlake neighborhood, nestled in Central Los Angeles, offers a unique blend of residential and commercial living. Bordered by Silver Lake to the north, Echo Park to the northeast, Downtown to the southeast, and Pico-Union to the southwest, with Koreatown to the west, Westlake has a rich history. While it primarily developed in the 1920s, the area has seen a transformation, with many of its historic mansions now converted into apartments. Additionally, new multifamily buildings have been erected in response to the high demand for housing in this dynamic and ever-evolving part of the city.



October 17, 2023


March 18, 2024



500 S Union Ave
Los Angeles CA, 90017

Exterior/Building Features

Lot Size

0.46 Acres

Other Property Details

Area Name

Downtown L.A.

Days on Market






View Description



Los Angeles





Listed by Benjamin J. Hsiang with Realty Investment Advisors, Inc.
Listing Contact: 424-377-6001 

Based on information from The MLSTM / Combined LA/Westside Multiple Listing Service, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All information is deemed reliable but not guaranteed and should be independently reviewed and verified. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. All properties are subject to prior sale, change or withdrawal, and may or may not be listed by the office/agent presenting the information. Neither listing broker(s) nor Cari Field Team shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. 

©2024 Combined L.A./Westside MLS. All rights reserved.

Data last updated 3/18/2024

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