4
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$1,330,000
Est. payment /mo
7,202 Sqft Lot
Price Dropped by $95K
6801 S Figueroa St Los Angeles, CA 90003
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Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 25496487
Lot Size 7,202 Sqft
Acres 0.1654
Property Description
We are proud to offer an outstanding, Ready-to-Issue 38-unit affordable housing development opportunity in the heart of South Los Angeles. This prime project is located on a 7,202 SF lot and is designed with a 4-story Type V-A building under ED-1 incentives, maximizing both density and affordability. With a total floor area of 22,909 SF and 18,036 SF of rentable space, the development includes 32 one-bedroom units and 6 studio apartments, all of which will be affordable to low- and moderate-income residents. The design eliminates the need for parking, further reducing construction costs and ensuring long-term affordability.6801 S Figueroa St is in the Los Angeles State Enterprise Zone, offering additional benefits and incentives for development. The rent structure is highly attractive: 80% of the units are designated for TCAC Schedule IX low-income tenants, while 20% will be reserved for HCD Schedule VI moderate-income tenants. In addition, the property's proximity to Section 8 voucher opportunities could boost rental income by up to 20% per unit. Located in the rapidly transforming South Los Angeles area, this property is at the center of a vibrant community undergoing revitalization, with new developments and improvements enhancing the neighborhood. The site is ideally positioned near essential amenities such as schools, healthcare centers, and parks, making it a prime location for individuals and families in need of affordable housing. With a Walk Score of 76, it's also within walking distance of local shops, dining, and services. With all entitlements and approvals secured, the project is Ready-to-Issue and will be delivered vacant at the close of escrow, providing an immediate and seamless path to development.
Location
State CA
County Los Angeles
Area Downtown L.A.
Zoning C2-1VL-CPIO
Exterior
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Special Listing Condition Standard
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Listed by Keller Williams Beverly Hills