$900,000
We are proud to present this 100% Affordable Housing development opportunity at 843 W82nd St, located between S Vermont Ave and S Hoover St in South Los Angeles. The 9,301 SF lot will be delivered fully entitled and RTI for 87 income-restricted housing units and 1 manager unit with no parking required. The project's central infill location and proximity to major employment hubs such as Downtown LA, Vernon, Commerce, and Huntington Park support multiple lease-up strategies including filling units through PATH, LAHSA or Section 8. Plans call for an efficient five story project, utilizing Type III construction for a fully stacked design reducing construction costs for the developer. The existing duplex will be delivered vacant at the close of escrow, allowing a developer to break ground immediately, without navigating the planning process or taking on additional risk through pending ordinances that are limiting the development of similar high density affordable projects. The finished project totals 48,123 SF and has a desirable unit mix of 4 x singles, 79 x one-bedrooms, and 5 x two-bedrooms. The project is offered at an extremely attractive price just below $15K per buildable unit, allowing a privately funded developer the opportunity to develop a high yielding project and capture a strong return on cost with zero tax credits or government subsidies. In addition, the affordability of the projects opens avenues of mission driven financing through CDFIs or mission driven lenders (contact agent for details). Located in a dense location of South Los Angeles with an easy commute throughout the city with access to the 110 Freeway from Manchester Ave; walking distance to multiple Metro local lines on S Vermont Ave. The subject property is walking distance to retail amenities along S Vermont Ave; nearby to Loren Miller Elementary School, Frederick K.C. Price III Christian Schools, and the Algin Sutton Recreation Center.
Click to interact with map
Listed by Chi Zhang with Lyon Stahl Investment Real Estate, Inc. (310) 425-9838
Property Type
Land
Status
Active
MLS Number
26643615
Year Built
N/A
Lot Size
9,300 sq ft