200 E 120th St, Los Angeles, CA 90061

$2,495,000
List Price
$2,495,000
MLS#
24-412479
Lot Size
11,667
Days on Market
11
Property Type
Land

Property Description

We are pleased to present a remarkable development opportunity at 156 & 200 E. 120th St, Los Angeles, CA (two parcels 6086-002-011 & 012) . This ready-to-issue (RTI) project offers an excellent chance to create a transformative, 100% affordable housing community consisting of 44 units. The units are broken down into 38 one-bedroom, one-bath units, and 6 two-bedroom, one-bath units, catering to a diverse range of residents. Situated on a total land area of 18,486 square feet, this property is in a prime location in Los Angeles, just south of the 110 and 105 freeway interchange. It is conveniently located close to public transportation, with the Avalon Blue Line Station just 0.5 miles away. Additionally, SoFi Stadium is a mere 6 miles from the property, offering easy access to entertainment and events. Athens/Magic Johnson Park is only 0.8 miles away, providing recreational opportunities for future residents, and MLK Jr. Community Hospital is just 1.5 miles away, ensuring access to essential healthcare services. The approved project encompasses a 3-story building with a total area of 31,204 square feet. With RTI permits in place, you can start construction immediately, saving time and reducing the hassle of lengthy approval processes. In the 1-mile radius around the property, the median household income is approximately $36,000 with a population of about 30,000 residents. Within a 3-mile radius, the median household income is around $39,000, with a population of approximately 150,000 residents. These demographics highlight the significant need for affordable housing in the area. This project presents a unique opportunity to contribute positively to the community by providing much-needed affordable housing, addressing a critical need in Los Angeles. The city's incentives for affordable housing projects enhance the viability and potential returns of this investment. Los Angeles has a significant demand for affordable housing, ensuring a strong market for these units and benefiting from the long-term appreciation potential in one of the most sought-after real estate markets in the country. This offering is priced to sell! Don't miss out on this incredible and rare RTI-approved affordable housing development opportunity in the heart of Los Angeles and to make a significant impact in the community while securing a valuable investment.

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Courtesy of Keller Williams Realty, Omid Saleh - CA DRE#01980838

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