Listing by: Jordan Petito, Keller Williams Beverly Hills
0 Beds
n/a Full bath
n/a SqFt
Pending
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, TypeIII-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 Metrohub off of Exposition Blvd, providing easy transportation running east and west from Downtown to Santa Monica. The Walk Score for this property is 79, indicating it is "Very Walkable" with "ExcellentTransit." The subject property is located within the Qualified Opportunity Zone (QOZ).
Property Details | ||
---|---|---|
Price | $2,695,000 | |
Lot Size Area | 9866 | |
Lot Size Area Units | Square Feet | |
Acres | 0.2265 | |
Property Type | Land | |
Geographic Data | ||
Directions | Located on Hillcrest Drive, just a few blocks west of the intersection with W Jefferson Boulevard. | |
County | Los Angeles | |
Latitude | 34.02424 | |
Longitude | -118.342549 | |
Market Area | PHHT - Park Hills Heights | |
Address Information | ||
Address | 3444 Hillcrest Drive, Los Angeles, CA 90016 | |
Postal Code | 90016 | |
City | Los Angeles | |
State | CA | |
Country | United States | |
Listing Information | ||
Listing Office | Keller Williams Beverly Hills | |
Listing Agent | Jordan Petito | |
Special listing conditions | Standard | |
MLS Information | ||
Days on market | 27 | |
MLS Status | Pending | |
Listing Date | Aug 13, 2024 | |
Listing Last Modified | Oct 16, 2024 | |
Tax ID | 5046007017 | |
MLS Area | PHHT - Park Hills Heights | |
MLS # | 24427273 |
This information is believed to be accurate, but without any warranty.