Los Angeles, CA 90003,7417 S Broadway
Los Angeles, CA 90003,7417 S Broadway
Los Angeles, CA 90003,7417 S Broadway
Los Angeles, CA 90003,7417 S Broadway
Los Angeles, CA 90003,7417 S Broadway
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Thomas Nguyen

Thomas Nguyen

Thomas Nguyen Real Estate

+1(949) 371-5868
$ 3,900,000
Est. payment | /mo

0.29 Acres Lot


Save
$ 3,900,000
Est. payment | /mo
Save

0.29 Acres Lot

Key Details

Property Type Vacant Land

Listing Status Active

Purchase Type For Sale

MLS Listing ID 25505961

HOA Y/N No

Lot Size 0.287 Acres

Property Description

We are pleased to present an affordable housing development opportunity at 7417-7421 S Broadway, located south of W Florence Ave just off the 110 Freeway. The 12,506 SF lot will be delivered fully entitled for 134 income-restricted housing units and 1 manager unit with no parking required. The project's central location and proximity to major employment hubs are for prime for a high velocity workforce housing lease up strategy, allowing a mission driven developer the opportunity to support the missing middle segment given the project's discount to surrounding market rents. Plans call for an efficient seven story mid-rise project, utilizing Type III over Type I construction for a fully stacked design aimed at reducing construction costs. The existing retail structure 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 projects. The finished project totals 59,814SF and has a desirable unit mix of 25 singles and 110 one-bedrooms. The project also offers 13,500 SF of open space for recreation or supportive services. The lot is offered at a low $28,889 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 workforce housing potential and significant discount to surrounding market rents open avenues of potential construction financing without the need for prevailing wages, through CDFIs or mission driven lenders (contact agent for details).The project is located just off the 110 Freeway and provides convenient access to most major neighborhoods throughout Los Angeles. The property is walking distance to many Metro local lines along S Broadway. Located in a densely populated, infill submarket of Los Angeles, easy access to employment hubs such as Huntington Park, Vernon, Southgate, Inglewood, and the South Bay.

Location

State CA

County Los Angeles

Area C37 - Metropolitan South

Zoning C2-1VL-CPIO

Interior

Fireplace No

Exterior

View Y/N No

View None

Building

New Construction No

Others

Senior Community No

Tax ID 6031009029

Special Listing Condition Standard

California Regional MLS (CRMLS)
Listed by Neema Ahadian • Marcus & Millichap
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"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(949) 371-5868

thomas@thomasnguyenre.com

17595 Harvard Ave Suite C-196, Irvine, CA, 92614

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7417 S Broadway