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Neema Ahadian
Marcus & Millichap
310-909-5500
This is an affordable housing development opportunity at 843 W82nd St, located between S Vermont Ave and S Hoover St inSouth Los Angeles. The 9,301 SF lot will be delivered fully entitled for87 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 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 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.
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Total Baths: 0
Full Baths: 0
Half Baths: 0
Lot Dimensions Source: Vendor Enhanced
Lot Size Acres: 0.2135
Lot Size Source: Vendor Enhanced
Lot Size Square Feet: 9301
Original List Price: 3,500,000
Listing Contract Date: 2024-01-22
Listing Agreement: Exclusive Right To Sell
Parcel Number: 6032006020
Lease Term: Negotiable
Source Listing Status: Active
Source Neighborhood: C36 - Metropolitan Southwest
Postal Code Plus 4: 5007
Directions: 843 W 82nd is located between S Vermont Ave and S Hoover St in South Los Angeles.
Zoning: LAR3
Source Property Type: Land
Area: C36 - Metropolitan Southwest
Year Built Source: Vendor Enhanced
Address | Estimate | Bed | Bath | Sq. Ft | Lot Size |
---|---|---|---|---|---|
1031 W Century Boulevard, Los Angeles, CA,90044 | $699,000 | 6 | -- | 1,760 | 5000 Sqft |
936 W 78th Street, Los Angeles, CA,90044 | $950,000 | 5 | 3 | 2,000 | 5720 Sqft |
1002 W 124th Street, Los Angeles, CA,90044 | $675,000 | 3 | 2 | 1,674 | 5353 Sqft |
10310 Vermont, Los Angeles, CA,90044 | $255,000 | -- | -- | -- | 2513 Sqft |
606 W 78th Street, Los Angeles, CA,90044 | $674,888 | 5 | 1 | 1,672 | 7150 Sqft |
661 W 65th Street, Los Angeles, CA,90044 | $450,000 | -- | -- | -- | 4050 Sqft |
7014 S Vermont Avenue, Los Angeles, CA,90044 | $1,500,000 | -- | -- | 3,313 | 5489 Sqft |
820 822 W 61st Street, Los Angeles, CA,90044 | $670,000 | 3 | 2 | 1,764 | 5852 Sqft |
717 W 77th Street, Los Angeles, CA,90044 | $999,000 | 5 | 5 | 3,651 | 7000 Sqft |
949 W 65th Street, Los Angeles, CA,90044 | $1,299,999 | -- | -- | -- | 7500 Sqft |
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ByOwner last updated this listing 05/18/2024 @ 04:32
MLS: 24358681
LISTED BY: Neema Ahadian, Marcus & Millichap
SOURCE: CRMLS
Buyer Agency Compensation: 2%
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.