$2,695,000
3444 Hillcrest Dr Los Angeles, CA 90016
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$2,695,000
Est. payment /mo
9,866 Sqft Lot
Pending
3444 Hillcrest Dr Los Angeles, CA 90016
UPDATED:
10/16/2024 05:35 PM
Key Details
Property Type Vacant Land
Listing Status Pending
Purchase Type For Sale
MLS Listing ID 24-427273
Lot Size 9,866 Sqft
Acres 0.2265
Property Description
We are proud to present for sale a ready-to-issue (RTI) 48-unit, 100% affordable housing development on a 9,863 SF lot in the gentrifying neighborhood of West Adams, with the potential to add 3+/- ADUs after completion. The proposed development features a 27,409 SF, 5-story, TypeIII-A Construction slab on grade with a primarily stacked design. All 48 units are 1 bedroom, 1 bath with an average unit size of approximately 475 SF, plus hallways, elevators, and stairs. The restricted rent levels for the project are 2 very low-income units, 38 low-income units, 7 moderate-income units, and 1 manager's unit. The rent for the very low and moderate-income units can be found on HCD Schedule VI, while the rent for the low-income units can be found on TCAC Schedule IX. Additionally, the location of this property may attract Section 8 voucher tenants, increasing the potential income by around 20% for each unit. West Adams is known for its rich cultural history and vibrant community. Nearby parks include Vineyard Recreation Center, Jim Gilliam Recreation Center, and Baldwin Hills Recreation Center. Zero parking spaces will allow developers to avoid the high cost of on-grade parking. The property is conveniently located in a Metrohub off of Exposition Blvd, providing easy transportation running east and west from Downtown to Santa Monica. The Walk Score for this property is 79, indicating it is "Very Walkable" with "ExcellentTransit." The subject property is located within the Qualified Opportunity Zone (QOZ).
Location
State CA
County Los Angeles
Area Park Hills Heights
Zoning LARD1.5-1
Exterior
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Listed by Keller Williams Beverly Hills
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