Description
Maher Commercial Realty is pleased to present this unique opportunity to purchase an +/- 11,064 square foot parcel zoned C2-1VL-CPIO located in South Central Los Angeles which is currently under utilized with a 1,857 square foot church structure and an additional bungalow that does not appear to be affixed to the land.
The property benefits from being in a TOC tier 3 (transit oriented community) which means that a developer can (in theory) obtain a70% density bonus if they build this project with an affordable component to it.
A simple TOC analysis brings us to 27 units by-right and 48 units using the TOC menu. The TOC menu would require you to have some combination of 11% very low income units, or 20% low income units, with a covenant recorded against the property for 55 years.
However, a developer can add an additional three-stories by utilizing AB2345 and building a 100% affordable project, which would restrict all units to “low income,” “very low income,” and “extremely low income” units. In such a case, a developer can build up to a maximum of 84 units, most or all of which would likely be studios or very small one-bedrooms. There would be no parking requirement for such a project. Lease all units to Section 8 tenants and collect market rents!
Property Features:
Purchase Price: $1,595,000
Land Area: ±11,064 Square Feet
Price Per Sq.Ft. on Land: $144.16
Zoning: C2-1VL-CPIO
No. of Units: TOC Menu: 48
Price Per Unit: $33,229
No. of Units: 100% Affordable: 84
Price Per Unit: $18,988
Property Highlights:
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Under utilized ±11,064 square foot parcel located in South Central Los Angeles
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Zoning is C2-1VL-CPIO TOC Tier 3 which means that a developer can (in theory) obtain a 70% density bonus if they build this project with an affordable component to it
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A TOC analysis brings us to 27 units by-right and 48 units using theTOC menu
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A developer can add an additional three-stories by utilizing AB2345 and building a 100% affordable project that would allow 84 units with no parking requirement
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Property is located in the Los Angeles State Enterprise Zone.
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A developer can add an additional three-stories by utilizing AB2345 and building a 100% affordable project.
- The city of Los Angeles has declared a state of emergency around homelessness and has pledged a streamlined entitlement and permitting timeline for 100% affordable projects.
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No parking is requires for 100% affordable projects.
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The property is also proximate to the 110 Freeway entrance at Century Blvd. and is just north of the 110/105 interchange.
