Description
Owner Motivated!
The subject site offers a developer a rare opportunity to purchase a ready to issue (RTI) 31 unit development site located within one mile of the University of Southern California campus. The development is unique in the sense that the majority of the units are large 4 and 5 bedroom units, making it ideal for student housing, co-living, section 8 housing, or standard leasing. The property sits mid-block in a TOC Tier 3 zone and is surrounded by multiple Metro stops. A developer could benefit tremendously by building in this location, given the relative lack of competition from other new development projects in the immediate submarket.
Property Highlights
- Project Sold RTI for 31 large units
- Most Units are large 4 and 5 bedroom units
- No Subterranean Parking Required- All Parking is On-Grade
- Excellent Student Housing Development Site, Located one mile from USC
- Excellent Co-Living Development Site, large units and close to campus, and Downtown LA.
- Excellent Section 8 Development Site. Section 8 Housing will likely grow in popularity as a recession-safe strategy for developers.
- Located in a TOC Tier-3 Zone.
- Per CoStar, there are only 12 development sites either Under Construction or Proposed in the 90037 zip code.
- Other nearby amenities include Back of California Stadium, LA Coliseum, Staples Center and LA Live.
