7
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$3,400,000
Est. payment /mo
0.35 Acres Lot
Active
3812 W Adams Blvd Los Angeles, CA 90018
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Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 25514957
Lot Size 0.352 Acres
Acres 0.3522
Property Description
We are pleased to present 3812 West Adams Blvd, a 100% affordable 106-unit multifamily development project sitting on a 15,325 square foot R3-1-O zoned lot, located in the Jefferson Park neighborhood of Los Angeles. The proposed development features a 6-story structure with Type III-A over Type I-A construction that spans a total floor area of 55,120 square feet. The project will be delivered with RTI (Ready to Issue) plans for 85 affordable units and 17 on-grade parking spaces. The plans for the 21 ADUs can be submitted to plan check to be approved with the only condition being the certificate of occupancy for the original project. This process can be initiated by the Seller during escrow or by the Buyer after the sale. The parking lot can also be restriped to accommodate for 25 parking spaces.The parcel currently features an existing 8-unit multifamily property that will be delivered vacant at the close of escrow, a HUGE bonus for developers looking to avoid new higher mandatory relocation fees for Ellis Act evicted tenants. The project will include a total of 43,952 rentable square feet spread across 101 one-bedroom units and 4 two-bedroom units. Of these 106 units, 85 units will be reserved for low-income tenants (80% AMI or lower), 15 units will be reserved for moderate-income tenants (120% AMI or lower), 4 units will be reserved for very low-income tenants (50% of AMI or lower), and 1 unit will be reserved for an extremely low-income tenant (30% of AMI or lower). There will be 1 unit reserved for an on-site manager. Rents will follow the parameters of HCD Schedule IV and TCAC Schedule IX. 3812 West Adams Blvd is located just east of Crenshaw Blvd. along one of the active thoroughfares in Los Angeles and boasts a walk score of 81. The property is located within a half mile of multiple bus stops and about 1 mile from the Expo/Crenshaw Metro rail stations which will provide tenants with access to from East to West LA, Downtown LA, Santa Monica, Inglewood, and LAX via the E and K lines. The property is also within a half mile of freeway access in either direction.
Location
State CA
County Los Angeles
Area Mid Los Angeles
Zoning R3-1-O
Exterior
Waterfront Description None
View Y/N No
View None
Building
Water Public
Schools
School District Los Angeles Unified
Others
Special Listing Condition Standard
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Listed by Marcus & Millichap