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$ 2,275,000
Est. payment | /mo
10,772 Sqft Lot
$ 2,275,000
Est. payment | /mo
10,772 Sqft Lot
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 25503219
Lot Size 10,772 Sqft
Acres 0.2472
Property Description
We are pleased to present an affordable housing development opportunity at 6320 Crenshaw Blvd, a 10,772 SF lot zoned C2-2D-SP in a Tier 3 TOC in the Hyde Park neighborhood between W 63rd St and Hyde Park Blvd. The lot will be delivered RTI for 59 income-restricted housing units and one market rate unit. The project's central location and proximity to major employment hubs such as Inglewood, South Los Angeles, and South Bay are prime for ahigh velocity workforce housing lease up strategy, allowing a mission driven developer the opportunity to support the missing middle segment given the project's discount to surrounding market rents. Plans call for a five-story project, utilizing Type IIIA construction for a fully stacked design aimed at reducing construction costs. 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 32,508 SF and has a desirable unit mix of four singles (356 SF), 52 one-bedrooms (364-423 SF) and four two-bedrooms(526 SF).The lot is offered at a low $37,917 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. In addition, the workforce housing potential and significant discount to surrounding market rents open avenues of potential construction financing without the need for prevailing wages, through CDFIs or mission driven lenders (contact agent for details).Many retail amenities within walking distance along Crenshaw Blvd; additionally, there are multiple Metro local line bus stops on the corner of Crenshaw Blvd & Hyde Park Blvd. Located less than three miles from SoFi Stadium, the Kia Forum, and Hollywood Park Casino in Inglewood; to the north, the subject property is two miles from the Baldwin Hills Crenshaw Plaza.
Location
State CA
County Los Angeles
Area Park Hills Heights
Zoning LAC2
Exterior
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Listed by Marcus & Millichap