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.
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