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$1,900,000
Est. payment /mo
8,197 Sqft Lot
UPDATED:
12/05/2024 02:22 AM
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 24427447
HOA Y/N No
Lot Size 8,197 Sqft
Property Description
We are pleased to present a ready-to-issue (RTI) 48-unit, 100% affordable housing project available for sale on an 8,199 square foot lot. This 4-story apartment development is designed with efficiency in mind, featuring a recreation room that has the potential to be converted into an Accessory Dwelling Unit (ADU). The project includes 14 studios, 33 one-bedroom units, and 1 studio manager's unit, with a total gross buildable space of approximately 23,323 square feet and a total rentable space of approximately 17,126 square feet. The focus on housing affordability is highlighted by the allocation of 10 units for moderate-income households (110% AMI or below), 37 units for low-income households (80% AMI or below), and 1 market-rate manager's unit. Rent amounts for the very low and moderate-income units are available on HCD Schedule VI, while rent for the low-income units can be found on TCAC Schedule IX. Additionally, the property's location may attract Section 8 voucher tenants, potentially increasing income by around 20% for each unit. Situated in a primarily residential neighborhood near a hospital and park, the property offers ample access to street parking within a walkable radius. Despite having zero parking spaces, which reduces construction costs, the neighborhood is very walkable with excellent transit options, as reflected by a Walk Score of 79. The property is currently used as car storage, rented on a month-to-month basis for $1,800.
Location
State CA
County Los Angeles
Area C42 - Downtown L.A.
Zoning C2-IVL-CPIO
Interior
Fireplace No
Exterior
View Y/N No
View None
Building
New Construction No
Others
Senior Community No
Tax ID 5113005001
Special Listing Condition Standard
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Listed by Jordan Petito • Keller Williams Beverly Hills
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HomeSmart Realty West
Broker | License ID: DRE#1905908
Broker License ID: DRE#1905908