Description for
843 W 82nd StreetLos Angeles, CA 90044
This is an affordable housing development opportunity at 843 W82nd St, located between S Vermont Ave and S Hoover St inSouth Los Angeles. The 9,301 SF lot will be delivered fully entitled for87 income-restricted housing units and 1 manager 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 five story project, utilizing Type III construction for a fully stacked design reducing construction costs for the developer. The existing duplex 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 48,123 SF and has a desirable unit mix of 4 x singles, 79 x one-bedrooms, and 5 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 projects opens 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 Manchester Ave; walking distance to multiple Metro local lines on S Vermont Ave.The subject property is walking distance to retail amenities along S Vermont Ave; nearby to Loren Miller Elementary School, Frederick K.C. Price III Christian Schools, and the Algin Sutton Recreation Center.
Price
$3,500,000
Los Angeles
24358681
Active
Description
This is an affordable housing development opportunity at 843 W82nd St, located between S Vermont Ave and S Hoover St inSouth Los Angeles. The 9,301 SF lot will be delivered fully entitled for87 income-restricted housing units and 1 manager 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 five story project, utilizing Type III construction for a fully stacked design reducing construction costs for the developer. The existing duplex 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 48,123 SF and has a desirable unit mix of 4 x singles, 79 x one-bedrooms, and 5 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 projects opens 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 Manchester Ave; walking distance to multiple Metro local lines on S Vermont Ave.The subject property is walking distance to retail amenities along S Vermont Ave; nearby to Loren Miller Elementary School, Frederick K.C. Price III Christian Schools, and the Algin Sutton Recreation Center.
Listing Information
Property Type: Land, Other
0.21 Acres
Neighborhood
Room Information
Exterior / Lot Features
0 Covered Parking Spaces,
LAR3
Driving Directions
843 W 82nd is located between S Vermont Ave and S Hoover St in South Los Angeles.
Financial Considerations
6032006020
Listing Price History
Los Angeles Real Estate
Los Angeles is located in California.
Los Angeles, California 90044 has a population of 3,956,168.
The median household income in Los Angeles, California 90044 is
$38,669.
The median household income for the surrounding county is $73,262
compared to the national median of $66,222.
The median age of people living in Los Angeles 90044 is 38 years.
Data provided below are primarily sourced from Public Records data.
Nearby Recent Sales (Sourced from Public Records)
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No information is available for recently sold properties within this search.