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 | TBD — listing team | TBD | TBD |
| 637 W 6th St | ±5,001 | One double-duplex + ADUs | 4 | TBD — listing team | TBD | TBD |
| ASSEMBLAGE TOTAL | ±13,799 | Two double-duplex projects | 8 | + ADUs | 8 + ADUs | — |
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) | Up to 10 fee-simple for-sale units |
| 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 | TBD — listing team |
| Min density (non-Housing-Element) | Greater of 66% of zoned max OR 20 du/ac | 20 du/ac × 0.317 ac → 7-unit floor |
| Final unit count / sizes / mix | Set by the development program | TBD — listing team |
| 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), for-sale resale comps (the Pathway B exit), and the rental-income basis (the Pathway A exit). Active listings are drawn from public sources and cited; closed sales from the prior Offering Memorandum are noted, with additional closed comparables to be confirmed by the listing team.
Development-Land Sale Comparables
| Map | Address | Lot SF | Price | $/Land SF | Plans / Status | Date |
|---|---|---|---|---|---|---|
| ★ | 631-637 W 6th St |
13,799 | See pricing | — | Raw land · two by-right pathways | — |
| A | 646-652 W 6th St |
10,001 | $1,700,000 | $170 | 27-unit mixed-use plan, ±50% permitted | Active |
| B | 302-314 N Pacific Ave |
10,424 | $2,800,000 | $269 | 26-unit mixed-use, 100% RTI plans | Active |
| C | 101 S Harbor Blvd |
12,632 | $2,250,000 | $178 | Development land | Closed 5/29/2025 |
| Additional closed land comps — listing team to supply | TBD | TBD | TBD | Closed | TBD |
For-Sale Resale Comparables — Pathway B Exit
New-construction for-sale product in San Pedro — the exit benchmark for an SB 1123 subdivision.
| Address | Beds / Baths | Living SF | Price | $/SF | Status |
|---|---|---|---|---|---|
| 1823 S Mesa St |
3BR / 2.5BA | 1,942 | $935,000 | $481 | Active |
| 1450 Sea Ln |
4BR / 3.5BA | 1,828 | $944,000 | $516 | Active |
| Closed new-construction comps — listing team to supply | TBD | TBD | TBD | TBD | Closed |
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
The two pathways are underwritten on the comp evidence above. Pricing inputs — for-sale $/SF and rental $/SF — are drawn from the comp sets and shown below; the program-dependent totals (gross sellout, NOI, profit) populate once the listing team confirms the buildable program for each pathway.
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 San Pedro new-construction resale comps above — trading at roughly $480–$520 / SF.
Pricing Recommendation
As raw land, value is land-driven. The development-land comp set brackets San Pedro infill land between $170 and $269 / land SF for sites carrying advanced or RTI plans, with the lone closed comp (101 S Harbor Blvd) at $178 / land SF. The subject is un-entitled raw land — it should price below the permitted-site range, with its two clean by-right pathways and the QOZ / TOC incentive stack providing downside support.
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 | Midpoint of recommended band |
| $141 / SF | $1,950,000 | Upper — below the $170+ permitted comps |
| $130 / SF | $1,800,000 | Prior entitled 39-unit ask, for reference |
Recommended List Price Band — Preliminary
Rationale: the band is anchored to development-land comp evidence applied to the ±13,799 SF assemblage, discounted from the $170–$269 / SF permitted-site range to reflect the absence of approved plans. The two by-right pathways and the Opportunity Zone / TOC Tier 2 / AB 2097 incentive stack support the upper half of the range. A pricing strategy that surfaces both pathways — and the option to buy the parcels together or individually — should broaden the buyer pool and support execution toward the top of the band.
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.