$4,995,000
7311 S Figueroa Street Los Angeles, CA 90003
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$4,995,000
Est. payment /mo
0.29 Acres Lot
Active
7311 S Figueroa Street Los Angeles, CA 90003
UPDATED:
10/04/2024 11:09 PM
Key Details
Property Type Vacant Land
Sub Type Unimproved Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID CL24359177
HOA Y/N No
Lot Size 0.287 Acres
Acres 0.29
Property Description
This is an affordable housing development opportunity at 7311 S Figueroa St, located just south of W Florence Ave in South Los Angeles. The 12,480 SF lot will be delivered fully entitled for 144 income-restricted housing units and 1manager 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 seven story project, utilizing Type III over Type IA construction for a stacked design reducing construction costs for the developer. The existing 7 units/retail 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 62,735 SF and has a desirable unit mix of 141 x one-bedrooms and 4 x two-bedrooms.The project is offered at a low price 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 subsidie
Location
State CA
County Los Angeles
Area Listing
Zoning LAC2
Interior
Fireplace No
Exterior
View Y/N false
View None
Building
New Construction No
Others
Tax ID 6020025014
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Listed by Neema Ahadian • Marcus & Millichap
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