Executive Summary
The LA Apartment Advisors (LAAA) Team at Marcus & Millichap is pleased to present 631-637 W 6th Street — a ±13,799-square-foot raw-land development assemblage of two contiguous parcels in the heart of Central San Pedro. Previously advanced under an entitled 39-unit mixed-use plan, the site is now offered and priced as raw land, positioned around two clean, by-right development pathways — neither of which requires discretionary entitlement or a public hearing.
Both parcels carry C2-2D-CPIO zoning and a Community Commercial General Plan designation, sit within a federal Qualified Opportunity Zone, a Transit Oriented Communities (TOC) Tier 2 area, and an AB 2097 half-mile transit zone (no minimum parking required). The location is walkable Central San Pedro — minutes from the 42-acre West Harbor waterfront destination opening through 2026.
Subject Property — Two Parcels
631-637 W 6th Street is a raw-land assemblage of two contiguous, separately-conveyable parcels on the south side of West 6th Street between S Gaffey Street and S Grand Avenue in Central San Pedro. Combined, the site totals ±13,798.7 SF (0.317 acre). Both parcels are improved with older structures today; the opportunity is offered, analyzed and priced as a raw-land development site.
Parcel 1 — 631 W 6th Street
±0.202 acres
Arcadia Park Tract
Community Commercial
±2,730 SF / 4BR / 1938
ZI-2535 ministerial approval
Parcel 2 — 637 W 6th Street (also addressed 639 W 6th St)
±0.115 acres
Arcadia Park Tract
Community Commercial
±1,140 SF retail + ±760 SF res
0.317 ac / both parcels
Property Highlights
- Two by-right development pathways — a double-duplex + ADU income build, or an SB 1123 ministerial for-sale subdivision (detailed below). Neither requires a zone change or discretionary entitlement.
- C2-2D-CPIO commercial zoning that permits multifamily residential — the prior 39-unit project advanced on a by-right basis, and the General Plan designates the site Community Commercial.
- Qualified Opportunity Zone — federal capital-gains deferral / exclusion for qualifying development capital.
- TOC Tier 2 + AB 2097 — within a half-mile of a major transit stop; no minimum parking is required, materially improving site efficiency on both pathways.
- AB 2334 very-low-VMT area and a Housing Element-designated site (631 W 6th carries ZI-2535, Prior Housing Element Sites — Ministerial Approval).
- Outside the Coastal Zone, outside the flood zone, no Rent Stabilization Ordinance on the land — a clean development basis.
- Walkable Central San Pedro — minutes from downtown San Pedro and the 42-acre West Harbor waterfront destination opening through 2026.
- Held in common ownership — both parcels last traded together on 12/02/2020 for $1,550,000.
Two By-Right Development Pathways
The repositioning offers a buyer a choice of two streamlined, by-right development programs on the raw land — one an income build, one a for-sale subdivision. Both avoid discretionary entitlement, public hearings and CEQA review, removing the single largest source of timing and approval risk in Los Angeles infill development.
Pathway ADouble Duplex + ADUs — Income Build
A modest, fast-to-build income program: a double-duplex structure (two duplexes) plus accessory dwelling units on each of the two parcels — i.e. two double-duplex projects across the assemblage. Duplex and ADU construction is by-right residential under the C2 multifamily density and California's ministerial ADU statutes; the product is a small, rentable income asset with low vertical complexity (wood-frame, surface parking, no podium, no elevator).
| Parcel | Lot SF | Concept | Primary Units | ADUs | Total Units | Avg Unit SF |
|---|---|---|---|---|---|---|
| 631 W 6th St | ±8,798 | One double-duplex + ADUs | 4 | 2 × 800 SF |
6 | 1,300 |
| 637 W 6th St | ±5,001 | One double-duplex (no ADUs — small lot) | 4 | — | 4 | 1,300 |
| ASSEMBLAGE TOTAL | ±13,799 | Two double-duplex projects | 8 | 2 × 800 SF (631 only) | 10 | 1,300 |
SB 1123 For-Sale Subdivision
The Starter Home Revitalization Act — codified by SB 684 (2023) and substantially expanded by SB 1123 (Chapter 294, Statutes of 2024, effective July 1, 2025) — establishes a ministerial approval process for subdivisions of 10 or fewer residential lots and 10 or fewer for-sale housing units on urban lots under 5 acres that allow multifamily residential. It delivers fee-simple, individually-saleable homes without a public hearing, without CEQA, and with a 60-day local approval clock.
Why 631-637 W 6th Street Qualifies
1. Multifamily residential is an allowed use. The C2-2D-CPIO base zone permits multifamily residential — the basis on which the prior 39-unit project advanced. Per HCD's January 28, 2025 Letter of Technical Assistance, "zoned for" means any zone that allows multifamily residential development as a principally or conditionally permitted use; the development does not have to be in a zone exclusively designated multifamily.
2. Well under the size cap. The combined ±0.317-acre assemblage is far below SB 1123's 5-acre eligibility ceiling — and each parcel independently qualifies.
3. A Housing Element-designated infill site. Both parcels are designated Housing Element Sites; 631 W 6th additionally carries ZI-2535, Prior Housing Element Sites — Ministerial Approval. The site is surrounded by qualified urban uses across Central San Pedro.
4. Ministerial — no discretionary review. Eligible applications are not subject to a public hearing and must be approved or denied within 60 days of a complete submittal.
SB 1123 Project Envelope
| Parameter | SB 1123 Requirement | 631-637 W 6th Yield |
|---|---|---|
| Max lots / units | 10 lots & 10 units (excl. ADUs / JADUs) | 10 fee-simple for-sale homes (modeled program) |
| Min lot size (multifamily zone) | 600 SF per lot | Comfortably met — ±13,799 SF assemblage |
| Ownership structure | Fee simple OR condo / co-op / CLT / TIC | Fee-simple small-lot subdivision |
| Avg unit floor area cap | ≤ 1,750 net habitable SF per unit | 1,750 SF per home — modeled at the cap |
| Min density (non-Housing-Element) | Greater of 66% of zoned max OR 20 du/ac | 20 du/ac × 0.317 ac → 7-unit floor |
| Modeled program | Set by the development program | 10 homes × 1,750 SF = 17,500 SF saleable |
| Approval timeline | 60 days after complete submittal | Ministerial — no CUP, no hearing |
Comparable Sales & Market Pricing
Pricing is framed against three comp sets: development-land sales (what the raw land is worth), closed for-sale home sales (the Pathway B exit), and the rental-income basis (the Pathway A exit). The for-sale set is MLS closed sales supplied by the listing team; the land and income comps draw on the prior Offering Memorandum and current public listings.
Development-Land Sale Comparables
| Map | Address | Lot SF | Price | $/Land SF | Plans / Status | Date |
|---|---|---|---|---|---|---|
| ★ | 631-637 W 6th St |
13,799 | $1,725,000 | $125 | Raw land · two by-right pathways | Proposed |
| A | 101 S Harbor Blvd |
12,632 | $2,250,000 | $178 | Development land | Closed 5/29/2025 |
| B | 420-424 W 9th St |
16,333 | $2,400,000 | $147 | Development land | Closed 4/15/2026 |
New-Construction Home Sales — Pathway B (SB 1123) Exit
Fourteen closed sales of new-construction (2023–2024) condos in San Pedro — 3-bedroom, ±1,700–1,745 SF, recent small-lot community product — the closest finished-value benchmark for the SB 1123 program. All closed within the trailing 24 months. The subject delivers fee-simple small-lot homes in 2028, supporting a $/SF premium over this set.
| # | Address | BR / BA | Living SF | Sold Price | $/SF | Built | DOM |
|---|---|---|---|---|---|---|---|
| 1 | 1682 W Lexington Ln | 3 / 4 | 1,745 | $875,000 | $501 | 2023 | 34 |
| 2 | 1669 Yorktown | 3 / 3 | 1,705 | $875,000 | $513 | 2023 | 27 |
| 3 | 1643 Saratoga Ln | 3 / 3 | 1,709 | $895,000 | $524 | 2023 | 67 |
| 4 | 1673 Lexington Ln | 3 / 3 | 1,709 | $915,000 | $535 | 2023 | 13 |
| 5 | 1639 Hornet Dr | 3 / 4 | 1,745 | $917,000 | $526 | 2024 | 29 |
| 6 | 1641 W Enterprise Dr | 3 / 3 | 1,709 | $910,000 | $532 | 2024 | 20 |
| 7 | 1638 W Enterprise Dr | 3 / 3 | 1,709 | $920,000 | $538 | 2024 | 103 |
| 8 | 1689 W Intrepid Ln | 3 / 4 | 1,745 | $929,990 | $533 | 2024 | 112 |
| 9 | 1631 W Langley Dr | 3 / 3 | 1,709 | $951,370 | $557 | 2024 | 33 |
| 10 | 1696 W Intrepid Ln | 3 / 4 | 1,745 | $909,990 | $521 | 2024 | 49 |
| 11 | 1684 W Intrepid Ln | 3 / 3 | 1,709 | $899,990 | $527 | 2024 | 1 |
| 12 | 1677 W Intrepid Ln | 3 / 3 | 1,709 | $915,190 | $536 | 2024 | 33 |
| 13 | 1672 W Intrepid Ln | 3 / 3 | 1,709 | $926,635 | $542 | 2024 | 4 |
| 14 | 1665 W Intrepid Ln | 3 / 4 | 1,745 | $964,220 | $553 | 2024 | 83 |
| AVERAGE — 14 closed sales | 3 / 3.4 | 1,722 | $914,600 | $531 | 2024 | 43 |
Rental-Income Basis — Pathway A Exit
San Pedro rent comparables from the prior Offering Memorandum rent survey — the income benchmark for the double-duplex + ADU build.
| Address | 1BR — SF | 1BR Rent | 2BR — SF | 2BR Rent |
|---|---|---|---|---|
| 511 S Harbor Blvd | 650 | $3,050 / mo | 1,009 | $4,663 / mo |
| 255 W 5th St | 708 | $2,645 / mo | 1,045 | $3,525 / mo |
| 550 S Palos Verdes St | 746 | $2,685 / mo | 1,258 | $3,772 / mo |
| AVERAGE | 701 | $2,793 / mo | 1,104 | $3,987 / mo |
Neighborhood Income-Property Sales (context only — existing stock)
| Address | Config | Building SF | Price | Notes |
|---|---|---|---|---|
| 628 W 22nd St | Duplex / 7BR total | 3,115 | $1,149,000 | Waterfront-area duplex |
| 440 W 22nd St | Duplex / 6BR total | 3,032 | $1,100,000 | Point Fermin duplex |
| 528-530 W 19th St | Duplex | ±1,342 | $699,000 | 1920s Spanish-style duplex |
Pathway Underwriting Framework
Both pathways are modeled below at their planned programs — Pathway A at 8 primary units of 1,300 SF plus 2 ADUs of 800 SF (at 631 W 6th only; 637's smaller lot has no ADUs), Pathway B at 10 for-sale homes of 1,750 SF. Pricing inputs (rental $/SF and for-sale $/SF) trace to the comp sets above; construction is benchmarked to current coastal-LA costs. Each pathway is tested against the $1,725,000 land basis.
PATHWAY A — Double Duplex + ADUs (Income)
Rents benchmarked to the San Pedro rent survey above — 2BR average $3,987 / mo ($3.61 / SF / mo). New-construction product typically commands a 5–10% premium to existing stock.
PATHWAY B — SB 1123 For-Sale Subdivision
Pricing benchmarked to the 14 closed comps above — recent (2023–24) San Pedro new-construction condos averaging $531/SF in a $501–$557 band. The subject SB 1123 program delivers fee-simple small-lot homes in 2028, supporting a meaningful $/SF premium over the condo-vintage comp set.
Pricing Recommendation
As raw land, value is land-driven and cross-checked against the development programs the land supports. The two closed development-land comparables in San Pedro 90731 — 101 S Harbor Blvd ($178/SF, May 2025) and 420-424 W 9th St ($147/SF, April 2026) — average $162 / land SF in a $147–$178 band. The subject is offered as un-entitled raw land; at the recommended basis it prices below this comp average, with its two clean by-right pathways and the QOZ / TOC incentive stack underwriting value.
Comp-Indicated Land Value — Subject ±13,799 SF
| $/Land SF Applied | Indicated Value (× 13,799 SF) | Positioning |
|---|---|---|
| $109 / SF | $1,500,000 | Conservative — raw-land floor |
| $125 / SF | $1,725,000 | ★ Recommended list price |
| $141 / SF | $1,950,000 | Upper end of the raw-land range |
| $130 / SF | $1,800,000 | Prior entitled 39-unit ask, for reference |
| $162 / SF | $2,236,000 | Closed-comp average (101 S Harbor + 420-424 W 9th) |
Recommended List Price
Rationale: at $1,725,000 ($125 / land SF) the assemblage is priced as raw land — below the $162 / SF average of the two closed San Pedro 90731 land sales (101 S Harbor at $178 / 420-424 W 9th at $147), reflecting its un-entitled status. The price is independently supported by both development pathways: the Pathway A income build (with 631's two ADUs included) pencils to a ~5.0% stabilized yield-on-cost, creating a +$710K value surplus at a 4.5% exit cap; the Pathway B SB 1123 for-sale program returns ~$1.04M of developer profit at $550/SF base-case sellout (fee-simple + 2028-delivery premium over the closed condo-vintage comps), scaling to ~$1.46M — against a $487/SF break-even that clears every one of the 14 closed comps. Marketing both pathways — and the option to buy the parcels together or individually — broadens the buyer pool and supports a clean execution at this price.
Market Overview — San Pedro
San Pedro is a historic waterfront community within the South Bay / Harbor region of the City of Los Angeles, anchored by the Port of Los Angeles — the busiest container port in the United States for more than two decades. Downtown San Pedro has undergone sustained revitalization, and the subject sits in its walkable Central core.
(5-mile)
Income (5-mile)
TEUs / Year
(opening 2026)
Demand Drivers
- West Harbor — a 42-acre waterfront dining, retail and entertainment destination on the former Ports O' Call site, activating since October 2025 toward a 2026 grand opening, anchored by a 6,200-seat waterfront amphitheater and a 175-foot Ferris wheel.
- Port of Los Angeles — America's premier container gateway, handling roughly 6.7 million TEUs annually (about 17% of all U.S. containerized trade) and supporting over 1.4 million U.S. jobs.
- Coastal South Bay location — direct access to the 110 Freeway, the World Cruise Center, and the broader South Bay employment base.
- Sustained downtown revitalization — shops, restaurants, galleries and entertainment across a walkable Central San Pedro core, with the 2028 Olympics a regional infrastructure catalyst.
LAAA Land & Development Pipeline
The LA Apartment Advisors Team maintains one of the most active land & development listing practices in Los Angeles — spanning by-right infill sites, entitled and RTI projects, and Opportunity Zone development land across the region. 631-637 W 6th Street joins that pipeline as a rare two-pathway, two-parcel raw-land offering.
The LAAA Team
This offering is exclusively listed by the LA Apartment Advisors (LAAA) Team at Marcus & Millichap — one of Southern California's most active multifamily and development-land investment sales practices.
LAAA Team — Track Record
Per Year
(Trailing 3 Years)
Co-founder of the LAAA Team at Marcus & Millichap. Born in Romania and raised in the San Fernando Valley, Filip began his M&M career in 2011 after studying Finance at San Diego State University. He and the LAAA Team have closed over $1.4 billion in multifamily and land transactions across Los Angeles.
Co-founder of the LAAA Team at Marcus & Millichap. UC Santa Barbara graduate in Economics and former Division I golfer (Big West Golfer of the Year, UCSB Male Athlete of the Year). Glen launched at M&M in 2014 and was named SFV Business Journal Rookie of the Year by 2016. He has closed 450+ transactions and $1.4B in volume across LA and Ventura / Santa Barbara counties.