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$ 1,895,000
Est. payment /mo
Price Dropped by $200K
9600 S Western Ave #9600-9616 Los Angeles, CA 90047
8,127 SqFt
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
Square Footage 8,127 sqft
Price per Sqft $233
MLS Listing ID 26660467
Year Built 1957
Lot Size 0.564 Acres
Acres 0.2607
Property Description
9600-9616 S. Western Avenue is a rare three-parcel corner assemblage totaling approximately 24,551 square feet (0.56 acres) at the prominent southeast corner of S. Western Avenue and W. 96th Street in the heart of South Los Angeles. The existing improvements total approximately 8,127 square feet across two purpose-built structures: a licensed preschool campus (6,195 SF) and a church sanctuary (1,932 SF). A third vacant land parcel rounds out the assemblage, offering near-term income from commercial uses such as a recycling center or tow yard. Together, the three components project an estimated $15,264 per month in gross income and approximately $146,434 in annual net operating income, supporting the $1,895,000 asking price at a pro forma cap rate of approximately 7.73%. The site is zoned C2-1VL-CPIO and located within a Transit Oriented Communities (TOC) Tier 2 designation, one of the most favorable development overlays in the City of Los Angeles, enabling 98 residential units by right under TOC and over 100 units under Executive Directive 1 (ED1) with no public hearing required. For an owner-user, a licensed preschool operator, faith-based institution, or community education organization, $1,895,000 represents approximately $233 per square foot for 8,127 SF of purpose-built improvements: a fully configured 6,195 SF preschool campus plus a 1,932 SF church sanctuary with fellowship hall, and a vacant land component that can support parking, outdoor programming, or supplemental lease income. Replacement cost for comparable purpose-built preschool and institutional space in Los Angeles routinely exceeds $500 per square foot, making this an acquisition price that simply cannot be replicated through new construction. A qualified operator can assume or transfer the existing CDSS preschool license (buyer to verify) and be operational with minimal capital expenditure. For a private investor, the site offers three independent income streams, the preschool, the church, and the vacant land parcel, with diversified tenant and use profiles that reduce single-tenant concentration risk. The pro forma income supports the asking price at a 7.73% cap rate, while stabilization of all three components reprices the asset toward the 6.4% scenario, representing an estimated $185,000 in embedded value creation. The Western Avenue corridor continues to attract new multifamily and mixed-use investment, and the TOC Tier 2 designation provides a natural developer exit as land values appreciate. With 372,000 residents within three miles, 24,000 vehicles per day, and 12 minutes to LAX, this is a corridor with durable institutional and community demand. For a developer or land banker, this site represents one of the most entitlement-ready corner assemblages available on Western Avenue today. The C2-1VL-CPIO / TOC Tier 2 zoning is already in place. ED1, AB 2011, and SB 35 all provide by-right or ministerial approval pathways to 100+ units without discretionary review or public hearing. While market-rate development does not pencil at today's construction costs, an affordable housing developer utilizing LIHTC, ED1, or mission capital will find the land basis, site configuration, and entitlement certainty highly competitive in this submarket. A land banker can acquire the site at effectively zero net carrying cost, the income covers it, and hold for the catalyst that makes the development pencil: moderating construction costs, an affordable development partner, or continued corridor appreciation toward the $120 - $150/SF land value range. APN: 6055-022-028, 6055-022-029, 6055-022-030
Location
State CA
County Los Angeles
Area Metropolitan Southwest
Zoning C2-1VL-CPIO (TOC) Tier 2
Building
Story 1
Others
Special Listing Condition Standard
The multiple listings information is provided by The MLSTM/CLAW from a copyrighted compilation of listings. The compilation of listings and each individual listing are ©2026 The MLSTM/CLAW. All Rights Reserved.
The information provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. All properties are subject to prior sale or withdrawal. All information provided is deemed reliable but is not guaranteed accurate, and should be independently verified.
Listed by Maher Commercial Realty
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