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$1,695,000
Est. payment /mo
8,199 Sqft Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 25580479
Lot Size 8,199 Sqft
Acres 0.1883
Property Description
BACK ON MARKET AT NEW PRICE! We are proud to present a ready-to-issue (RTI) 48-unit, 100% affordable housing project on an 8,199 SF lot. This 4-story apartment development is designed with efficiency in mind. The recreation room has the potential to convert into ADU. It features a stacked on-grade design and includes: 14 Studios, 33 One-Bedroom Units, 1 Studio Manager's Unit. The total gross buildable space is approximately 23,323 SF and the total rentable space is approximately 17,126 SF. Housing affordability is a key focus, with: 10 units for moderate-income households (110% AMI or below), 37 units for low-income households (80% AMI or below), 1 market-rate manager's unit. The rent amounts for the very low and moderate-income units can be found on HCD Schedule VI, while the rent for the low-income units can be found on TCAC Schedule IX. Additionally, the location of this property may attract Section 8 voucher tenants, increasing the potential income by around 20% for each unit. The property is situated in a primarily residential neighborhood near Hospital and Park, offering ample access to street parking within a walkable radius. The proposed development features zero parking spaces, which reduces construction costs for the developer. The neighborhood is very walkable with excellent transit, as indicated by a Walk Score of 79. The property is currently used as Car Storage, rented month-to-month at $1,800. Seller is willing to provide Seller Financing and be in a second position to a construction loan.
Location
State CA
County Los Angeles
Area Downtown L.A.
Zoning C2-IVL-CPIO
Exterior
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Special Listing Condition Standard
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Listed by Keller Williams Beverly Hills
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