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$1,295,000
Est. payment /mo
6,245 Sqft Lot
UPDATED:
11/13/2024 05:39 PM
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 24-406801
Lot Size 6,245 Sqft
Acres 0.1434
Property Description
PartnersCRE is proud to present for sale a ready-to-issue (RTI) 22-unit, 100% affordable housing project on a 6,243 SF lot in the desirable Westlake area of Los Angeles. The proposed development features a total of 12,780 SF of gross floor area, with 9,947 SF of net rentable square footage. This 3-story building is constructed with Type V-B materials, ensuring compliance with safety standards while maintaining affordability. Each unit is designed with efficiency in mind, offering a quality living experience in a compact space. The affordable housing breakdown includes 16 low-income units (TCAC Schedule IX), 5 moderate-income units (HCD Schedule VI), and 1 market-rate manager's unit. The rent amounts 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. The Westlake location situates this project within walking distance to multiple public transportation routes, connecting residents to Downtown LA and other key areas. The development is ideal for residents who rely on public transit, with a Walk Score of 89, classifying it as "Very Walkable." The project's RTI status streamlines the development process, providing a unique opportunity to deliver affordable housing in a high-demand area. With its efficient layout, affordability, and convenient location, this Westlake development is positioned to become a valuable addition to Los Angeles' housing landscape.
Location
State CA
County Los Angeles
Area Downtown L.A.
Zoning R3-1
Exterior
Waterfront Description None
View Y/N Yes
View Walk Street
Others
Special Listing Condition Standard
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Listed by Keller Williams Beverly Hills
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