ECHO PARK — The cluster of buildings near the southwest corner of Sunset and Alvarado is home to a hodgepodge of businesses, ranging from Lucy’s laundrymat and Hit Bargain discount store to Wells Tile & Antiques and Rewind Audio. After being under the same ownership for 50 years, the approximiately 1.14-acre property is now up for sale, with marketing brochures playing up the possibilities of redeveloping the site into a large commercial project.
The asking price for the property, which includes frontage on Sunset Boulevard as well as Alvarado Street, was not disclosed, according to the listing on LoopNet. The sale does not include the businesses or the corner building that contains Pizza Buona, which is in the process of finding a new home in the face of a steep rent increase.
What can you do with a little more than an acre of property near the corner of Sunset and Alvarado? The marketing materials claim that the zoning would allow all sorts of commercial and mixed-use type of development:
The property’s inherent values lies in its pro-mixed use district and rare density provisions, which allow for nearly unrestricted opportunities …”
The property was put on the market after several other recent large property sales have taken place in the area, including the $18 million paid by a downtown developer for a portfolio of apartment and commercial properties near Echo Park Lake.