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7311 S Figueroa Street

Los Angeles (City), CA 90003
  • $5,200,000
  • STATUS: Active
  • ON SITE: 150 Days
  • ID#: 24359177
UPDATED: 105 min ago
$5,200,000
  • 0
    BEDS
  • 0.29
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Vacant Land / Lots
County:

School Ratings & Info

Listing Agent(s): Neema Ahadian of Marcus & Millichap (310-909-5500)


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.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-07-16T14:39:01.68. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Brianna Miller | Synergy Real Estate. Licensed in the State of California, USA.
www.briannasellshomes.com/homes/147692924
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7311 S Figueroa Street Los Angeles (City), CA 90003

  • Price: $5,200,000
  • Status: Active
  • On Site: 150 Days
  • Updated: 105 min ago
  • ID#: 24359177
0
Beds
0
Baths
0
½ Baths
0.29
Acres
Neighborhood:
C36 - Metropolitan Southwest
County:
Los Angeles
Area:
C36 - Metropolitan Southwest
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.
Exterior Features

Parking Total 0 View None View YN No

Property Features

Association YN No Listing Agreement Exclusive Right To Sell Listing Service Full Service New Construction YN No Senior Community YN No Special Listing Conditions Standard Zoning LAC2



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-07-16T14:39:01.68. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Brianna Miller | Synergy Real Estate. Licensed in the State of California, USA.
 
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Brianna Miller | Synergy Real Estate
140 N. Harvard Avenue #341
Claremont CA, 91711
Listing Agent(s): Neema Ahadian of Marcus & Millichap (310-909-5500)