Listing Provided Courtesy ofMarcus & Millichap Tour
The subject property consists of 1 parcel containing a total of 8,031 SF of land zoned C2-1VL which allows for the construction of 20 multi-family units "By-Right" or up to 32 multi-family units utilizing LA City's new Transit Oriented Communities Affordable Housing Incentive Program. With the programs Tier 1 designation, the development incentive bonuses include the following: A 50% Density Bonus, an increased FAR to 2.75:1, and a maximum development height of 56 feet (+11 feet) - Buyer to verify. Within a 3 mile radius, there are over 40 projects that are in-construction or proposed. These numbers show South Los Angeles to be an emerging market for both market rate and affordable multi-family and mixed use deals. Given the current situation with affordability crisis in Los Angeles, this development opportunity is perfect fit for developers to offer new units to displaces and low income Angelenos.
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Listing Courtesy ofMarcus & Millichap