7
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$2,175,000
Est. payment /mo
9,807 Sqft Lot
Active
6719 S Figueroa St Los Angeles, CA 90003
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UPDATED:
02/10/2025 08:43 PM
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 25496603
Lot Size 9,807 Sqft
Acres 0.2251
Property Description
We are proud to offer an outstanding, Ready-to-Issue 58-unit affordable housing development opportunity in the heart of Los Angeles at 6719 S Figueroa St., Los Angeles, CA 90003, located within the Los Angeles State Enterprise Zone. This prime project sits on a 9,805 SF lot and features a 4-story Type V-A building designed under AB 1763 and AB 2345 incentives, maximizing both density and affordability. With a total floor area of 24,774 SF and 20,049 SF of rentable space, the development includes 33 studio units, 25 one-bedroom units, and 1 market-rate manager's unit. Of these, 45 units are affordable to low-income tenants (80% AMI or lower), while 12 units are reserved for moderate-income residents (120% AMI or lower).Notably, this 100% affordable housing project eliminates the need for parking, significantly reducing construction costs and enhancing long-term affordability. The rent structure aligns with HCD Schedule VI and TCAC Schedule IX, ensuring a sustainable income model for developers. The property is located just 410 ft from public transit and close to essential amenities, including schools, parks, and healthcare centers, making it an ideal home for individuals and families. Positioned in a vibrant and transforming Los Angeles community, this site offers convenient access to local shops, dining, and services, with the added advantage of being in the Los Angeles State Enterprise Zone, offering potential business and tax incentives. With all entitlements and waivers secured including density bonuses, FAR increases, and open space reductions this project is Ready-to-Issue and will be delivered vacant at closing, offering developers an immediate and seamless path to construction.
Location
State CA
County Los Angeles
Area Downtown L.A.
Zoning C2-1VL
Exterior
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Special Listing Condition Standard
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Listed by Keller Williams Beverly Hills