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$2,375,000

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6,791 Sqft Lot

New

1412 N Mariposa AVE Los Angeles, CA 90027

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Nathan King Real Estate Group

info@kingrealestate.group +1(559) 396-0000

UPDATED:

10/31/2024 07:48 PM

Key Details

Property Type Vacant Land

Listing Status Active

Purchase Type For Sale

MLS Listing ID 24458329

HOA Y/N No

Lot Size 6,791 Sqft

Property Description

We are proud to present a Ready-to-Issue (RTI) 72-unit, 100% Affordable Housing Development Opportunity on a 6,789 SF lot in the vibrant neighborhood of East Hollywood. This project includes the potential to add 1 Accessory Dwelling Unit (ADU) after completion, enhancing its overall value. The proposed development features 19,024 SF of total floor area with 15,062 SF of rentable square footage, in a 5-story building design with Type III-A construction. The majority of the 72 units are efficiency units, with sizes averaging 195 SF. This design allows for significantly lower rental prices compared to neighboring properties while still generating high yields per square foot. The restricted rent levels for the project include 80% designated for TCAC Schedule IX low-income tenants and 20% for HCD Schedule VI moderate-income tenants. East Hollywood is a thriving area known for its rich cultural diversity and strong community. The Mariposa Apartments project is conveniently located within a short walk to Kaiser Permanente and Children's Hospital, making it an ideal residence for healthcare workers and families. The property is situated in a Transit-Priority Zone, with easy access to major public transportation routes, including the Vermont/Sunset Metro Subway Station, further enhancing its appeal to residents who rely ontransit. The property's location offers convenient access to parks and recreational areas (including Barnsdall Park), enhancing the vibrant living experience for residents. With zero parking requirements, developers can eliminate the high costs associated with on-grade parking, further increasing the project's affordability. Additionally, the area boasts an impressive Walk Score of 90, classifying it as a "Walker's Paradise," with a wide range of amenities and services just a short distance away. All entitlement approvals are in place, and the property will be delivered with Ready-to-Issue status and vacant at the close of escrow. No prevailing wage requirements. No SB 8 replacement requirements. No construction lift needed as building is less than 60 feet in height.

Location

State CA

County Los Angeles

Area C20 - Hollywood

Zoning RD2-1XL

Interior

Fireplace No

Exterior

View Y/N No

View None

Building

New Construction No

Others

Senior Community No

Tax ID 5543024017

Special Listing Condition Standard

Listed by Jordan Petito • Keller Williams Beverly Hills

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Nathan King Real Estate Group

Broker | License ID: 01878277

+1(559) 396-0000

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