Listing by: Jordan Petito, Keller Williams Beverly Hills
0 Beds
n/a Full bath
n/a SqFt
Active
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.
Property Details | ||
---|---|---|
Price | $1,900,000 | |
Lot Size Area | 8199 | |
Lot Size Area Units | Square Feet | |
Acres | 0.1882 | |
Property Type | Land | |
View | None | |
Geographic Data | ||
Directions | A few blocks south of the intersection of Avalon Boulevard and East Martin Luther King Jr. Boulevard. It's also located a short distance north of Vernon Avenue and east of South Central Avenue. The area is primarily residential with some nearby commercial establishments and is close to South Park. | |
County | Los Angeles | |
Latitude | 34.008336 | |
Longitude | -118.265622 | |
Market Area | C42 - Downtown L.A. | |
Address Information | ||
Address | 4129 Avalon Boulevard, Los Angeles, CA 90011 | |
Postal Code | 90011 | |
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 | 16 | |
MLS Status | Active | |
Listing Date | Aug 13, 2024 | |
Listing Last Modified | Aug 29, 2024 | |
Tax ID | 5113005001 | |
MLS Area | C42 - Downtown L.A. | |
MLS # | 24427447 |
This information is believed to be accurate, but without any warranty.