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$ 3,900,000
Est. payment /mo
Active
7417 S Broadway Los Angeles, CA 90003
0.29 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 25505961
Lot Size 0.287 Acres
Acres 0.287
Property Description
We are pleased to present an affordable housing development opportunity at 7417-7421 S Broadway, located south of W Florence Ave just off the 110 Freeway. The 12,506 SF lot will be delivered fully entitled for 134 income-restricted housing units and 1 manager unit with no parking required. The project's central location and proximity to major employment hubs are for prime for a high velocity workforce housing lease up strategy, allowing a mission driven developer the opportunity to support the missing middle segment given the project's discount to surrounding market rents. Plans call for an efficient seven story mid-rise project, utilizing Type III over Type I construction for a fully stacked design aimed at reducing construction costs. The existing retail structure 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 projects. The finished project totals 59,814SF and has a desirable unit mix of 25 singles and 110 one-bedrooms. The project also offers 13,500 SF of open space for recreation or supportive services. The lot is offered at a low $28,889 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 workforce housing potential and significant discount to surrounding market rents open avenues of potential construction financing without the need for prevailing wages, through CDFIs or mission driven lenders (contact agent for details).The project is located just off the 110 Freeway and provides convenient access to most major neighborhoods throughout Los Angeles. The property is walking distance to many Metro local lines along S Broadway. Located in a densely populated, infill submarket of Los Angeles, easy access to employment hubs such as Huntington Park, Vernon, Southgate, Inglewood, and the South Bay.
Location
State CA
County Los Angeles
Area Metropolitan South
Zoning C2-1VL-CPIO
Exterior
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Listed by Marcus & Millichap
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