3444 Hillcrest Drive,Los Angeles, CA 90016
Los Angeles, CA 90016
Description
We are proud to present for sale a ready-to-issue (RTI) 48-unit, 100% affordable housing development on a 9,863 SF lot in the gentrifying neighborhood of West Adams, with the potential to add 3+/- ADUs after completion. The proposed development features a 27,409 SF, 5-story, Type III-A Construction slab on grade with a primarily stacked design. All 48 units are 1 bedroom, 1 bath with an average unit size of approximately 475 SF, plus hallways, elevators, and stairs. The restricted rent levels for the project are: 2 very low-income units, 38 low-income units, 7 moderate-income units, and 1 manager's unit. The rent for the very low and moderate-income units can be found on HCD Schedule VI, while the rent for the low-income units can be found on TCAC Schedule IX. Additionally, the location of this property may attract Section 8 voucher tenants, increasing the potential income by around 20% for each unit. West Adams is known for its rich cultural history and vibrant community. Nearby parks include Vineyard Recreation Center, Jim Gilliam Recreation Center, and Baldwin Hills Recreation Center. Zero parking spaces will allow developers to avoid the high cost of on-grade parking. The property is conveniently located in a Metro hub off of Exposition Blvd, providing easy transportation running east and west from Downtown to Santa Monica. The Walk Score for this property is 79, indicating it is "Very Walkable" with "Excellent Transit." The subject property is located within the Qualified Opportunity Zone (QOZ).Property will be delivered vacant at COE.
Details
| MLS # | 26870841 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Days On Site | 8 |
| Listing Provided By | Keller Williams Beverly Hills | Jordan Petito |
Features
| Zoning | RD1.5-1 |
|---|---|
| Acreage | 0.23 |
| Property View | Yes |
Area Information
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90016 |
| Area | PHHT Park Hills Heights |
| Listing VS Median (in 90016) | |
Price: $2,095,000 low | high Med: $1,949,500 On site: 8 low | high Med: 315.5 | |
Market Activity 90016
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90016 |
| Area | PHHT Park Hills Heights |
| Listing VS Median (in 90016) | |
Price: $2,095,000 low | high Med: $1,949,500 On site: 8 low | high Med: 315.5 | |
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