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.
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