A rare chance to acquire a freestanding multi-unit commercial building in the heart of El Segundo's most actively evolving submarket -- the Smoky Hollow West Specific Plan (SH-W). Situated on a 5,724 SF parcel at 137 Arena Street, this 1,840 SF property offers immediate owner-user utility today and meaningful redevelopment optionality on a 3-5 year horizon. SH-W permitted uses include creative office, R&D, light flex, and a range of commercial and studio applications -- making this an ideal fit for design firms, tech-adjacent tenants, production studios, and entrepreneurial owner-operators seeking a foothold in one of the South Bay's most supply-constrained districts. The building comprises three independently configured suites, each with a private full bathroom and kitchenette, well-suited for boutique multi-tenant occupancy or single-user creative operations. Interiors feature white walls, hardwood floors, and abundant natural light from multiple window exposures. The property includes five surface parking spaces plus a two-car garage with an overhead door -- a meaningful amenity in a walkable urban corridor. Exterior improvements include ramp access and landscaped surroundings. For the land-forward buyer: The SH-W parcel represents a compelling redevelopment basis in a submarket with demonstrated absorption of new creative and flex product. Allowable FAR, height limits, setback requirements, and parking ratios under the Specific Plan are available upon request. Permitted use confirmation from the El Segundo Planning Department is in process and will be provided in the due diligence package.