CA > Los Angeles
Los Angeles, CA 90003,7311 S Figueroa ST
Los Angeles, CA 90003,7311 S Figueroa ST
Los Angeles, CA 90003,7311 S Figueroa ST
Los Angeles, CA 90003,7311 S Figueroa ST
Los Angeles, CA 90003,7311 S Figueroa ST
Los Angeles, CA 90003,7311 S Figueroa ST
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Gatehouse Properties

Gatehouse Properties

+1(714) 743-9882
$ 4,200,000
Est. payment | /mo

0.29 Acres Lot

Save
$ 4,200,000
Est. payment | /mo
Save

0.29 Acres Lot

Key Details

Property Type Vacant Land

Listing Status Active

Purchase Type For Sale

MLS Listing ID 24359177

HOA Y/N No

Lot Size 0.286 Acres

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 subsidies. In addition, the affordability of the projectsopens 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 W Florence Ave; walking distance to multiple Metro local lines on S Figueroa St.The subject property is walking distance to retail amenities, specifically three retail strip centers at the corner of W Florence Ave & S Figueroa St; nearby to the Childrens Institute Inc., Sixty-Eighth Stree Elementary School, and Loren Miller Elementary School. Parcel numbers 6020-025-014 & 6020-025-015.

Location

State CA

County Los Angeles

Area C36 - Metropolitan Southwest

Zoning LAC2

Interior

Fireplace No

Exterior

View Y/N No

View None

Building

New Construction No

Others

Senior Community No

Tax ID 6020025014

Special Listing Condition Standard

California Regional MLS (CRMLS)
Listed by Neema Ahadian • Marcus & Millichap
agent-avatar

+1(714) 743-9882

info@gatehouseproperties.com

Costa Mesa, CA, 92626, United States

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7311 S Figueroa ST

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