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$875,000
Est. payment /mo
7,267 Sqft Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 25567633
Lot Size 7,267 Sqft
Acres 0.1668
Property Description
To present a unique opportunity to acquire 8426 S Broadway, a fully Ready-to-Issue (RTI) affordable housing development project located in South Los Angeles. This property is situated on a 7,264-square-foot lot and comes with RTI permits for a 22-unit, 100% affordable multifamily project. The proposed 3-story apartment building will feature Type V-A construction and does not require parking, as per AB 2097. This provides substantial design flexibility and the potential for a strong return on investment. The approved plans outline the development of 22 apartment units, totaling 10,803 square feet. The proposed design includes 2 studio units, 19 one-bedroom units, and 1 two-bedroom unit, with three apartments designated for Extremely Low Income tenants and nineteen for Low Income tenants. The rents for these affordable units will adhere to the most recent Schedule I and Schedule 6 rent limits set by HUD. Additionally, the project allows for participation in the Section 8 voucher program, which enhances leasing flexibility and income stability. Located on Broadway, the property is within walking distance of several public transportation stops along Main Street. It is also less than half a mile from South Park Recreational Center, Dr. Maya Angelou Community High School, and South Los Angeles Wetlands Park, and within a mile of LA Academy Middle School. For commuters, the 10 and 110 Freeways are just minutes away, providing convenient access to Greater Los Angeles.
Location
State CA
County Los Angeles
Area Metropolitan South
Zoning LAC2
Exterior
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Special Listing Condition Standard
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Listed by Marcus & Millichap
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