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$ 2,695,000
Est. payment | /mo
9,861 Sqft Lot
$ 2,695,000
Est. payment | /mo
9,861 Sqft Lot
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 25538575
HOA Y/N No
Lot Size 9,861 Sqft
Property Description
We are proud to present for sale a ready-to-issue (RTI) 48-unit, 100% affordable housing development on a 9,863 SF lot in the gentrifying neighborhood of West Adams, with the potential to add 3+/- ADUs after completion. The proposed development features a 27,409 SF, 5-story, Type III-A Construction slab on grade with a primarily stacked design. All 48 units are 1 bedroom, 1 bath with an average unit size of approximately 475 SF, plus hallways, elevators, and stairs. The restricted rent levels for the project are: 2 very low-income units, 38 low-income units, 7 moderate-income units, and 1 manager's unit. The rent 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. West Adams is known for its rich cultural history and vibrant community. Nearby parks include Vineyard Recreation Center, Jim Gilliam Recreation Center, and Baldwin Hills Recreation Center. Zero parking spaces will allow developers to avoid the high cost of on-grade parking. The property is conveniently located in a Metro hub off of Exposition Blvd, providing easy transportation with excellent east-west access from Downtown to Santa Monica. The Walk Score for this property is 79, indicating it is "Very Walkable" with "Excellent Transit." The subject property is located within the Qualified Opportunity Zone (QOZ).Property will be delivered vacant at COE.
Location
State CA
County Los Angeles
Area Phht - Park Hills Heights
Zoning RD1.5-1
Interior
Fireplace No
Exterior
View Y/N Yes
View City Lights
Building
New Construction No
Others
Senior Community No
Tax ID 5046007017
Special Listing Condition Standard
Listed by Jordan Petito • Keller Williams Beverly Hills
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Jorge Alvarez
REALTOR® | Lic# 02047054