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Property description
This ready-to-issue (RTI) project offers an excellent chance to Develop 17 units consisting of 16 Low income 1 bed 1 bath units and one single unit at Market rent, Type VA construction, three story on-grade with a total area of 10, 719 sqft, no parking, very low cost construction estimated at $2, 000, 000. Proforma monthly rent $29, 690 or yearly $ 356, 280 which will bring the value of the property around $4, 990, 000 with GRM 14 providing around $1, 600, 000 profit potential on the Development, price per unit of $293, 000 resale value. Additional space possible for Leasing/Management office or ADU. Conveniently located close to public transportation, offering easy access to entertainment and events providing recreational opportunities for future residents, start construction immediately, saving time and reducing the hassle of lengthy approval processes. 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 on 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! Existing structure is a single family house which will be delivered vacant at closing.
For more details:
Listed by: Eliza Kerendian
For more details:
Listed by: Eliza Kerendian