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6719 S Figueroa Street

Los Angeles, CA 90003

$2,175,000

List Price

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Property Description

We are proud to offer an outstanding, Ready-to-Issue 58-unit affordable housing development opportunity in the heart of Los Angeles at 6719 S Figueroa St., Los Angeles, CA 90003, located within the Los Angeles State Enterprise Zone. This prime project sits on a 9,805 SF lot and features a 4-story Type V-A building designed under AB 1763 and AB 2345 incentives, maximizing both density and affordability. With a total floor area of 24,774 SF and 20,049 SF of rentable space, the development includes 33 studio units, 25 one-bedroom units, and 1 market-rate manager's unit. Of these, 45 units are affordable to low-income tenants (80% AMI or lower), while 12 units are reserved for moderate-income residents (120% AMI or lower).Notably, this 100% affordable housing project eliminates the need for parking, significantly reducing construction costs and enhancing long-term affordability. The rent structure aligns with HCD Schedule VI and TCAC Schedule IX, ensuring a sustainable income model for developers. The property is located just 410 ft from public transit and close to essential amenities, including schools, parks, and healthcare centers, making it an ideal home for individuals and families. Positioned in a vibrant and transforming Los Angeles community, this site offers convenient access to local shops, dining, and services, with the added advantage of being in the Los Angeles State Enterprise Zone, offering potential business and tax incentives. With all entitlements and waivers secured including density bonuses, FAR increases, and open space reductions this project is Ready-to-Issue and will be delivered vacant at closing, offering developers an immediate and seamless path to construction.

Listing Information

List Price $2,175,000
Status Active
MLS 25496603
Type Land
Lot Size 9,807
Structure Size N/A
DOM 11
Courtesy Of Keller Williams Beverly Hills
Listing Agent Jordan Petito DRE#02023714
Co-Listing Agent Ariel Sayani DRE#02072610

Interior Features

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Exterior Information

Maps

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shower N/A
straighten N/A
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shower 3
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Listing information courtesy of: Jordan Petito, Ariel Sayani, Keller Williams Beverly Hills 310-734-2245. *Based on information from the Association of REALTORS/Multiple Listing as of Feb 10th, 2025 at 10:01 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.