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$1,999,999
Est. payment /mo
0.54 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 26667031
Lot Size 0.538 Acres
Acres 0.5381
Property Description
1422 E Imperial Hwy is located just off of the 105 Freeway between SCentral Ave & Compton AveRemarks : This is an affordable housing development opportunity at 1422 E Imperial Hwy, located just off of the 105 Freeway between S Central Ave & Compton Ave. The 23,435 SF lot will be delivered fully entitled for120 income-restricted housing units and 1 manager unit, with no parking required. The project's central infill location and proximity to major employment hubs suchas Rancho Dominguez, Compton, South Gate, and South Los Angeles support multiple lease-up strategies including filling units through PATH, LAHSA orSection 8. Plans call for an efficient four-story project, utilizing Type V-A construction fora stacked design reducing construction costs for the developer. The lot will be delivered vacant at the close of escrow, allowing a developer to break ground immediately, without navigating the planning process or taking on additional risk through pending ordinances that are limiting the development of similar high density affordable projects. The finished project totals 67,112 SF and has a desirable unit mix of eight singles (290SF), 108 one-bedrooms (430-460 SF), and five two-bedroom (505-615 SF). The project is offered at a low $38,958 price per buildable unit, allowing a privately funded developer the opportunity to develop a high yielding project and capture a strong return on cost with zero tax credits or government subsidies. Also this Gem is an excellent opportunity for a fully Automated Car Wash ,with ample space and high visibility to attract consistent traffic and customers.Perfect for using as a In addition, the affordability of the project opens avenues of mission driven financing throughCDFIs or mission driven lenders (contact agent for details). Located in a dense location of South Los Angeles, just south of NickersonGardens and less than a mile from the Martin Luther King Jr Community Hospital.The access to the 105 Freeway allows for a convenient commute throughout LosAngeles, the South Bay, and throughout the Mid-Counties.
Location
State CA
County Los Angeles
Area Metropolitan South
Zoning LCR2*
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Special Listing Condition Standard
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Listed by Keller Williams Beverly Hills
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