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$6,500,000
Est. payment /mo
0.41 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Sub Type Unimproved Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID CL25510295
HOA Y/N No
Lot Size 0.412 Acres
Acres 0.41
Property Sub-Type Unimproved Land
Property Description
We are pleased to present an affordable housing development opportunity at 3720 S Western Ave, located just north of W Exposition Blvd in the Exposition Park neighborhood. The 17,965 SF lot will be delivered fully entitled for 200 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 IA construction for a fully stacked design. The existing retail structures 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 89,655 SF and has a desirable unit mix of 32 singles and 169 one-bedrooms. The project also offers 20,100 SF of open space for recreation or supportive services. The lot is offered at a low $32,338 per buildable unit, allowing a privately funded develop
Location
State CA
County Los Angeles
Zoning LAC2
Interior
Fireplace No
Exterior
View Y/N false
View None
Building
New Construction No
Others
Tax ID 5041025029
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Listed by Neema Ahadian • Marcus & Millichap