7
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$5,495,000
Est. payment /mo
0.59 Acres Lot
Price Dropped by $500K
957 Arapahoe St Los Angeles, CA 90006
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UPDATED:
12/06/2024 05:37 PM
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 24-451525
Lot Size 0.589 Acres
Acres 0.589
Property Description
We are pleased to offer a Ready-to-Issue (RTI) Development Opportunity at 957-967 S Arapahoe Street, Los Angeles, CA. This 25,658 square foot property, spanning three lots in the Wilshire Community Plan Area, is zoned R4-1 for High Medium Residential use, ideal for a Transit Oriented Communities (TOC) Tier 3 project. Notably, two of the lots currently have existing structures, offering additional flexibility and income in preparation for a construction project. The approved development consists of a five-story, 109-unit Mixed-Income Apartment Project, with 93 market-rate units and 16 affordable units encompassing a total of around 66,040 square feet of residential Space. The project includes a well-balanced unit mix of 63 studios, 40 One-Bedroom units, and 6 Two-Bedroom units, designed to accommodate a diverse range of residents, from single professionals to small families. The building is designed with Type III-A construction over a Type I-A subterranean garage. The project benefits from AB2097, requiring no mandatory parking, but provides 60 parking spaces, including designated EV charging stations and ADA-compliant parking spaces. The property is just under a mile to the Metro Subway Station. Residents will enjoy 3,178 square feet of rear-yard open space, a courtyard, roof decks, a fitness center (ADUpossibility), and private balconies, all contributing to a well-rounded living experience. Situated in a walkable, transit-rich neighborhood, the property is close to schools, parks, retail, and public transportation. The RTI PlanChecks streamline the development process, offering a quick ramp-opportunity for Developers to quickly capitalize on the growing demand for housing in Los Angeles.
Location
State CA
County Los Angeles
Area Mid-Wilshire
Zoning R4-1
Exterior
View Y/N No
View None
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Special Listing Condition Standard
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Listed by Keller Williams Beverly Hills