For $418K, a Pershing Square-adjacent loft

If you’re looking to squeeze into LA’s increasingly pricy housing market for under $500,000, you may end up narrowing your search to condos. Here’s a solid option next to Pershing Square in the heart of Downtown LA.

The location is prime, not only because it’s close to public transit but because Pershing Square is poised for a major makeover that will transform it from an uninviting concrete plaza to a verdant space with themed gardens and a large lawn. And, at the corner of Fifth Street and Broadway, the loft is in walking distance from Clifton’s Republic, the Last Bookstore, and Grand Central Market.

Measuring 670 square feet, the unit features tall ceilings, polished concrete floors, and a contemporary kitchen. It’s listed as a one bedroom, but it looks like you’ll have to partition that space yourself if you want privacy form the living area.

It’s in a handsome brick-clad building constructed in 1923 that comes with a rooftop pool. HOA dues can be scarily high in DTLA, but at $251 per month, the fees here aren’t too frightening. The listing copy notes that you can shell out an extra $200 per month for valet parking.

• 312 West 5th Street #516 [John Aaroe Group]