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6801 S Figueroa Street

Los Angeles, CA 90003

$1,425,000

List Price

N/A

bed Beds

shower Baths

N/A sqft

straighten / sqft

1959

calendar_month Built

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.

Listing Information

List Price $1,425,000
Status Active
MLS 25482903
HOA $0
Type Commercial
Year Built 1959
Lot Size 7,202
Structure Size N/A
Courtesy Of Keller Williams Beverly Hills
Listing Agent Jordan Petito DRE#02023714
Co-Listing Agent Ariel Sayani DRE#02072610

Interior Features

Total Bedroom
Bedrooms N/A

Exterior Information

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Listing information courtesy of: Jordan Petito, Ariel Sayani, Keller Williams Beverly Hills 310-734-2245. *Based on information from the Association of REALTORS/Multiple Listing as of Jan 27th, 2025 at 8:23 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.